Jamieson Wellness Inc. Reports Second Quarter 2026 Results

Jamieson Brands Revenue up over 18% as Consumer Demand Continues Across All Key Markets

TORONTO, Aug. 6, 2026 /CNW/ -- 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
• EBITDA¹ 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
• 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
  • 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
  • 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
  • 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
  • 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.

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.

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.

Jamieson Wellness Inc.
Selected Consolidated Financial Information
In thousands of Canadian dollars, except share and per share amounts

	Three months ended				Six months ended
	June 30				June 30
	2026		2025		2026		2025
Revenue	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 margin	12.7 %		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 shares
Basic	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

Jamieson Wellness Inc.
Consolidated Statements of Financial Position
In thousands of Canadian dollars

	June 30, 2026		December 31, 2025
Assets
Current assets
Cash	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 assets
Property, 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
Liabilities
Current liabilities
Accounts 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 liabilities
Long-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
Equity
Share 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

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.

Jamieson Wellness Inc.
Segment Information
In thousands of Canadian dollars, except as otherwise noted

Jamieson Brands
		Three months ended June 30
		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
		Three months ended June 30
		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 %
Jamieson Brands
		Six months ended June 30
		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
		Six months ended June 30
		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 %

Reconciliation of Non-IFRS Financial Measures
In thousands of Canadian dollars

	Three months ended				Six months ended
	June 30				June 30
	2026		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 EBITDA	39,425		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 ended
	June 30				June 30
	2026		2025		2026		2025
Gross 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 %

(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 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		2025
Long-term debt	441,000		414,597
Cash	(24,314)		(41,225)
Net debt	416,686		373,372

SOURCE Jamieson Wellness Inc.

Investor Relations and Media Contact Information: Jamieson Wellness, Ruth Winker, 416-960-0052, [email protected]