TORONTO–(BUSINESS WIRE)–Jamieson Wellness Inc. (“Jamieson Wellness” or the “Company”) (TSX: JWEL) today reported its first quarter results for the period ended March 31, 2026. 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
“Q1 marked a strong start to the year, underscoring the effectiveness of our strategy and our team’s disciplined execution,” said Mike Pilato, President and CEO of Jamieson Wellness. “We delivered consolidated revenue growth of 16%, with strong branded revenue growth across all key markets.
“Our China business delivered exceptional performance, growing more than 55% in the quarter as our targeted marketing programs and locally relevant innovation drove increased brand loyalty, particularly across our major digital platforms. In the U.S., we delivered to expectation and continue to progress, supported by the expansion of the youtheory brand in e-commerce channels. Across Canada, growth was driven by the continued success of our quality-focused marketing campaign, while strong innovation and organic growth drove a double-digit increase in our International business.
“We expanded margins in the quarter while investing strategically, reflecting the ability of our operating model to balance global efficiency with local consumer needs. With momentum building across the business, we continue to expect another year of strong branded growth, margin expansion, and cash generation as we deepen our connection with consumers. I’m grateful to the entire Jamieson team for their unwavering dedication and commitment to meeting consumer needs and creating value for our shareholders.”
First Quarter Highlights
Growth in Canada led by continued strength in the immunity, sleep and stress categories and supported by the Company’s made in Canada, quality-focused marketing campaign
Revenue growth in China exceeded expectations, driven by strong Women’s Day promotional performance featuring Biotin and vitamins B and C
Acceleration in digital commerce and continued demand for hero products in key retailers led growth in the U.S.
Demand generating International campaigns in support of immunity, women’s health and heart health combined with new product launches and expanded distribution drove growth in top markets
First Quarter Financial Results Consolidated Summary
All comparisons are with the first quarter of 2025
Consolidated revenue increased 16.3% to $169.8 million, driven by 15.6% growth in Jamieson Brands and 22.6% growth in Strategic Partners
Gross profit increased by $13.9 million to $69.1 million
Gross profit margin3 increased by 290 basis points, mainly driven by higher revenue and margin growth in both segments
EBITDA1 increased by $12.6 million to $20.4 million, mainly driven by higher revenues and gross profit; Adjusted EBITDA1 increased by $3.4 million or 17.6% to $22.4 million, reflecting the impact of higher sales volumes, partially offset by investments in SG&A
Net earnings was $9.6 million; Adjusted net earnings1 was $7.4 million, or $1.5 million higher, reflecting higher normalized earnings from operations
Diluted earnings per share was $0.21; Adjusted diluted earnings per share2 was $0.17
Summary of Segment Results
All comparisons are with the first quarter of 2025 and reflect the allocation of youtheory brand revenue to its respective branded business segment.
Jamieson Brands
Revenue increased 15.6% or $20.5 million to $151.9 million
Canada revenue increased by 4.0% to $75.3 million, reflecting sustained consumer demand driven by the Company’s quality-focused advertising campaign and product innovation
China revenue increased 55.1% on a constant currency basis to $43.3 million, primarily driven by performance marketing campaigns and product innovation, which supported strong growth and increased brand loyalty across major digital platforms
U.S. revenue increased by 8.6% on a constant currency basis to $21.5 million, reflecting continued strength in e-commerce with strong POS growth and innovations
International revenue increased by 20.9% to $11.8 million, driven by organic growth across major markets
Gross profit increased by $12.8 million to $66.6 million, driven primarily by higher volumes in China, the Company’s highest-margin market
Gross profit margin3 increased by 300 basis points to 43.9%; normalized gross profit margin increased by 220 basis points to 43.9%, mainly due to favourable geographic mix
Adjusted EBITDA1 increased by $2.8 million to $21.1 million, driven by higher gross profit, partially offset by SG&A due to performance marketing campaign investments; Adjusted EBITDA margin2 was 13.9%, consistent with Q1 2025
Strategic Partners
Revenue increased 22.6% or $3.3 million to $17.9 million, driven by customer ordering patterns and the shipment of new business secured in fiscal 2025.
Gross profit increased 72.0% or $1.0 million to $2.5 million, driven by higher volumes; gross profit margin3 increased by 400 basis points, mainly driven by favourable customer mix and higher facility utilization
Adjusted EBITDA1 increased by 72.3% or $0.6 million to $1.4 million; Adjusted EBITDA margin2 increased by 220 basis points, mainly due to higher gross profit
Balance Sheet and Cash Flow from Operations
All comparisons are with the first quarter of 2025
As at March 31, 2026, the Company had approximately $93.7 million in cash and available revolving and swingline facilities and net debt1 of $406.3 million
The Company used $5.8 million in cash from operations compared to $31.6 million generated in Q1 2025
Cash from operating activities before working capital considerations of $12.6 million compared to $4.7 million in Q1 2025
Cash invested in working capital increased by $45.3 million due to higher inventory levels to support the growth of the business and secure supply amidst tariff uncertainties, and the timing of customer collections
During the period ended March 31, 2026, the Company purchased for cancellation 200,506 Common Shares under its NCIB program for aggregate consideration of $6.9 million
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.
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.
Maintaining Fiscal 2026 Outlook
The Company is maintaining its outlook for the 2026 fiscal year and continues to anticipate the following:
Consolidated revenue to range between $895.0 to $935.0 million (9.0% to 13.7% growth)
Consolidated Adjusted EBITDA to range from $174.0 to $181.0 million (9.0% to 13.4% growth)
Adjusted diluted earnings per share to range from $2.08 to $2.21 (12.5% to 19.5% growth)
The Company’s 2026 guidance reflects the current prevailing trade environment between the United States, Canada and other countries. The Company recognizes 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 2026 outlook, including guidance for the second quarter of 2026, refer to the “Outlook” section in the management’s discussion and analysis of financial condition and results of operations (“MD&A”) for the three months ended March 31, 2026.
Declaration of First Quarter Dividend
The board of directors of the Company declared a cash dividend for the first quarter of 2026:
$0.23 per common share, or approximately $9.5 million in the aggregate
Paid on June 15, 2026 to all common shareholders of record at the close of business on June 1, 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 months ended March 31, 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
Management will host a conference call to discuss the Company’s first quarter 2026 results at 5:00 p.m. ET today, May 7, 2026. To access:
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, its expectations for another year of strong branded growth, margin expansion and cash generation, and its outlook for its 2026 revenue, Adjusted EBITDA, Adjusted EBITDA margins 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. 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 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. 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, May 7, 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.
Source: Jamieson Wellness Inc.
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 months ended March 31, 2026.