Jamieson Wellness Inc. Reports Second Quarter 2026 Results

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

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

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

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

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

Reconciliation of Net Debt
In thousands of Canadian dollars

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