Jamieson Brands revenue up 13.8%

Highly successful 6/18 program in China grows 73% over prior year

Jamieson Wellness Inc. (“Jamieson Wellness” or the “Company”) (TSX: JWEL) today reported its second quarter results for the period ended June 30, 2025. 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.

Management Commentary

“Q2 marked another solid quarter, reinforcing the continued strength of the health and wellness category and Jamieson’s leadership within it," said Mike Pilato, President and CEO of Jamieson Wellness. "Branded revenue growth of nearly 14 percent reflects both sustained global demand for our trusted brands and our team's precise execution of our strategic plan across all key markets.

“In Canada, our 'Proudly Canadian' platform continues to resonate with consumers driving strong consumption growth while our innovation pipeline drives category-leading performance. In the U.S., youtheory is gaining traction through our traditional retail presence and our new ecommerce partnership, with strong consumption growth validating our strategy. In China, our successful 6/18 campaign delivered exceptional growth as our investment in brand awareness continues to resonate with consumers. And internationally, we're seeing continued momentum driven by innovation, particularly across the Middle East and Southeast Asia.

“In the first half of 2025, our branded business expanded by nearly 14%, with growth across all our branded business units. As we head into the second half of the year we’re pleased to increase our quarterly dividend, as we have done every year as a public company. We remain focused on executing our innovation roadmap, expanding our global reach, and driving operational excellence. Built on our 103-year foundation of quality and trust, we're executing from an even stronger position as we continue to Inspire Better Lives Every Day."

Second Quarter 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

Summary of Consolidated Results

All comparisons are with the second quarter of 2024

• Consolidated revenue increased 7.7% to $199.1 million, driven by 13.8% growth in Jamieson Brands partially offset by an expected decline in Strategic Partners
• Gross profit increased by $15.8 million to $80.8 million; normalized gross profit increased by $14.2 million largely driven by higher branded revenue and margins
• Gross profit margin ³ increased by 540 basis points; normalized gross profit margin increased 460 basis points due to favourable channel mix and prior year inefficiencies
• EBITDA ¹ increased by $5.8 million to $30.1 million, mainly driven by higher revenues and gross profit; Adjusted EBITDA ¹ increased by $3.5 million or 11.2% to $35.1 million, reflecting the impact of higher sales volumes, partially offset by timing of investments in SG&A
• Net earnings was $13.8 million; Adjusted net earnings ¹ was $17.3 million, or $2.6 million higher, reflecting higher normalized earnings from operations
• Diluted earnings per share was $0.30; Adjusted diluted earnings per share ² was $0.40

Summary of Segment Results

All comparisons are with the second quarter of 2024

Jamieson Brands

• Revenue increased 13.8% or $21.5 million
  • Canada revenue increased by 2.0%, driven by strong consumer consumption, partially offset by the impact of order fulfillment in Q2 prior year after the labour disruption in the first quarter
  • China revenue increased 70.8% driven by a successful 6/18 promotional campaign, continued brand loyalty growth behind our brand building investment, and a heavier weighting of influencer programs scheduled in the quarter
  • youtheory revenue increased by 9.7% mainly driven by strong consumption in e-commerce driven by our new strategic partnership, growth in our traditional channels, and timing of shipments of our Q3 promotional programs
  • International revenue increased by 9.6% driven by growth in core markets in the Middle East and Asia
• Gross profit increased by $17.0 million to $78.3 million; normalized gross profit increased by $15.4 million mainly driven by revenue growth and higher margins
• Gross profit margin ³ increased by 480 basis points; normalized gross profit margin increased by 370 basis points mainly driven by volume efficiencies compared to inefficiencies due to the labour disruption in the prior year and favourable channel mix
• Adjusted EBITDA ¹ increased by $4.8 million to $33.5 million, driven by higher gross profit partially offset by timing of SG&A to support growth and brand awareness in China; Adjusted EBITDA margin ² was 18.9%, an increase of 50 basis points mainly due to improved gross profit margins

Strategic Partners

• Revenue decreased an expected 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 decreased by $1.2 million; gross profit margin ³ decreased by 110 basis points driven mainly by production mix
• Adjusted EBITDA ¹ was $1.6 million, a decrease of $1.2 million; Adjusted EBITDA margin ² was 7.5%, a decrease of 240 basis points

Balance Sheet and Cash Flow from Operations

All comparisons are with the second quarter of 2024

• As at June 30, 2025, the Company had approximately $132.9 million in cash and available revolving and swingline facilities and net debt ¹ 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
• During the six-month period ended June 30, 2025, the Company purchased for cancellation 444,580 Common Shares under its normal course issuer bid (“NCIB”) program for an aggregate consideration of $13.1 million

Adjusting Fiscal 2025 Outlook

The Company is maintaining its consolidated revenue and Adjusted EBITDA outlook for the 2025 fiscal year and continues to anticipate the following:

• Revenue to range between $800.0 to $840.0 million (9.0% to 14.5% growth)
• Adjusted EBITDA to range from $157.0 to $163.0 million (11.0% to 15.5% growth)

The Company is adjusting its outlook for the 2025 fiscal year to reflect higher Jamieson Brands revenue in China due to strong demand, and lower Strategic Partners revenue to account for the timing of onboarding new partners. As such, the Company now expects the following:

• Revenue in the Jamieson Brands segment to range between $695.0 to $725.0 (10.5% to 15.3% growth), updated from the Company’s previous expectation of $685.0 to $720.0 million (9.0% to 14.5% growth)
  • Jamieson China revenue to grow 30.0% to 40.0%, updated from the previous range of 25.0% to 35.0%. Growth will be driven by market growth, innovation, and by further extending effectiveness and efficiency within digital programs driving trial and awareness.
• Revenue in the Strategic Partners segment to range between $105.0 to $116.0 (up to 10.0% growth), updated from the Company’s previous expectation of $116.0 to $121.0 million (10.0% to 15.0% growth)
  • Growth is expected to be driven by new programs and industry growth propelling higher volumes within the Company’s existing program portfolio. Uncertainties surrounding U.S. tariffs have delayed launches of new programs and the timing of onboarding new customers have shifted revenues to the following year.

In addition, Adjusted diluted earnings per share is expected to range from $1.79 to $1.90 (11.0% to 18.0% growth), reflecting higher interest expense on the repurchase of shares under the NCIB program and timing of seasonal working capital investments.

The Company’s 2025 guidance reflects the current prevailing trade environment between the United States, Canada and other countries. 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 flexible supply chain and operating efficiencies. The Company recognizes that the trade environment is constantly changing and actual results may be impacted by future changes in global trade policies. For additional details on the Company’s fiscal 2025 outlook, including guidance for the third 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 six months ended June 30, 2025.

Declaration of Second Quarter Dividend

The board of directors of the Company authorized a 2.0 cent or a 9.5% increase in the quarterly dividend and declared a cash dividend for the second quarter of 2025 of $0.23 per common share, or approximately $9.5 million in total.

• Payable: September 12, 2025
• Record date: August 29, 2025
• Designated an “eligible dividend” under 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, 2025 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

Management will host a conference call to discuss the Company’s second quarter 2025 results at 5:00 p.m. ET today, August 7, 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=1726891&tp_key=eee3aa172e

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 .

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 2024 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 31, 2025 and under the “Risk Factors” section in the MD&A filed today, August 7, 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 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 six months ended June 30, 2025.

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