Jamieson Wellness Inc. Reports Third Quarter 2025 Results

Marketing and product innovations continue to drive high consumer engagement and double-digit revenue growth across the Company’s portfolio of leading consumer brands Company Website: https://www.jamiesonwellness.com/English/home/default.aspx TORONTO -- (Business Wire) Jamieson Wellness Inc. (“Jamieson Wellness” or the “Company”) (TSX: JWEL) today reported its third quarter results for the period ended September 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 “In Q3, Jamieson delivered another strong quarter with 16.5% branded growth and momentum across every major region,” said Mike Pilato, President and CEO. “In Canada, our marketing campaign featuring our product quality and Canadian-made message continues to resonate, driving growth and reinforcing trust in a market where we're the category leader. “In China, we grew our share position across all major digital platforms. Our evolving marketing strategy is delivering solid results, amplified by a diverse network of respected wellness influencers. Jamieson was recently named VMS Store of the Year on Douyin, a social and e-commerce platform with over 700 million daily active users. It's a powerful endorsement of our brand strength and execution in one of the world's most dynamic consumer markets. “Youtheory continues to scale in the U.S., with strong growth in both digital and traditional channels. Product innovations, led by our new ashwagandha gummy, drove deeper consumer engagement with the brand. And internationally, we're seeing double digit growth in key markets led by the Middle East, with strong gains in Saudia Arabia where Jamieson is now a leading foreign brand. “Even against a volatile macro backdrop, our category continues to prove its resilience. VMS is increasingly central to how consumers care for themselves and their families, and with our diverse and growing branded platform, we're uniquely positioned to meet them - across geographies, across channels, and across life stages. I’m grateful to the entire Jamieson team for their expert execution, delivering exceptional results today and building long-term value for our shareholders.” Third Quarter Highlights Successful innovation and the Company’s recent quality-focused advertising campaign drove continued strong consumer consumption in Canada Digital e-commerce growth outpaced the market in China due to evolving influencer marketing strategy, impacting all channels and resulting in over 60% revenue growth youtheory POS increased as the Company’s new digital e-commerce strategy continues to perform and traditional retail continues to grow International growth continued in key markets including Saudi Arabia, the Caribbean and Europe driven by new distribution and high consumer engagement Summary of Consolidated Results All comparisons are with the third quarter of 2024 Consolidated revenue increased 13.2% to $199.3 million, driven by 16.5% growth in Jamieson Brands, partially offset by an expected decline in Strategic Partners Gross profit increased by $16.0 million to $83.6 million, driven by higher branded revenue and margins Gross profit margin3 increased by 350 basis points due to a higher proportion of growth in Jamieson Brands sales EBITDA1 increased by $5.2 million to $33.1 million, mainly driven by higher revenues and gross profit; Adjusted EBITDA1 increased by $4.1 million or 12.0% to $38.0 million, reflecting the impact of higher sales volumes, partially offset by timing of investments in SG&A Net earnings was $15.5 million; Adjusted net earnings1 was $17.7 million, or $1.8 million higher, reflecting higher normalized earnings from operations Diluted earnings per share was $0.35; Adjusted diluted earnings per share2 was $0.41 Summary of Segment Results All comparisons are with the third quarter of 2024 Jamieson Brands Revenue increased 16.5% or $25.5 million Canada revenue increased by 4.0%, largely reflecting consumer consumption driven by the Company’s latest marketing campaign and innovations China revenue increased 63.0% primarily driven by successful digital performance marketing campaigns youtheory revenue increased by 16.8%, driven by continued strong consumption in e-commerce and growth in the Company’s traditional channels International revenue increased by 19.3%, driven by growth in core markets in the Middle East through innovation and distribution gains Gross profit increased by $16.0 million to $81.3 million, mainly driven by revenue growth and higher margins Gross profit margin3 increased by 290 basis points, mainly driven by higher branded volumes in China, the Company’s highest margin business Adjusted EBITDA1 increased by $4.1 million to $36.5 million, driven by higher gross profit partially offset by timing of marketing spend; Adjusted EBITDA margin2 was 20.2%, a decrease of 70 basis points driven by investment in marketing noted above Strategic Partners Revenue decreased an expected 11.2% or $2.4 million, impacted by a reduction in business and the timing of onboarding new customer contracts amidst trade and tariff uncertainties Gross profit was $2.4 million, consistent with Q3 2024; gross profit margin3 increased by 170 basis points driven mainly by customer and product mix Adjusted EBITDA1 was $1.5 million; Adjusted EBITDA margin2 was 8.0%, an increase of 60 basis points, mainly due to customer and product mix Balance Sheet and Cash Flow from Operations All comparisons are with the third quarter of 2024 As at September 30, 2025, the Company had approximately $128.8 million in cash and available revolving and swingline facilities and net debt1 of $371.2 million The Company generated $7.7 million in cash from operations compared to $24.2 million generated in Q3 2024 Cash from operating activities before working capital considerations of $22.8 million was $4.3 million higher than Q3 2024 Cash invested in working capital increased by $20.8 million mainly due to increased inventories to support the high seasonality fourth quarter deliverables including growth of the business and securing supply amidst tariff uncertainties and port congestion During the nine-month period ended September 30, 2025, the Company purchased for cancellation 636,284 common shares under its NCIB program for an aggregate consideration of $19.7 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. Narrowing Fiscal 2025 Outlook The Company’s 2025 investments in digital marketing and innovation continue to provide returns, and consumer consumption remains strong across each of our primary markets. As a result, the Company has narrowed its full year consolidated guidance for fiscal 2025, while maintaining the midpoint of its previous growth expectation for both revenue and Adjusted EBITDA. The Company now expects the following consolidated results: Revenue to range from $810.0 - $830.0 million or 10.4% - 13.1% growth (previously 9.0% - 14.5% growth) Adjusted EBITDA to range from $158.0 - $162.0 million or 12.0% - 15.0% growth (previously 11.0% - 15.5% growth) Adjusted Diluted EPS to range from $1.82 - $1.88 or 13.0% - 17.0% growth (previously 11.0% - 18.0% growth) The Company is adjusting its segment outlook for the 2025 fiscal year to reflect higher Jamieson Brands revenue in China and youtheory, and lower Strategic Partners revenue to account for currency conversation and tariff uncertainty related delays. The Company now expects the following segment results: Revenue in the Jamieson Brands segment to range from $710.0 - $725.0 million, or 12.9% - 15.3% growth (previously 10.5% - 15.3% growth) Canada revenue growth of 5.0% - 7.0% (previously 5.0% - 8.0% growth) youtheory revenue growth of 8.0% - 12.0% (previously 5.0% - 15.0% growth) China revenue growth of 45.0% - 50.0% (previously 30.0% - 40.0% growth) International revenue growth of 20.0% - 25.0% (previously 20% - 30% growth) Strategic Partners revenue to decline approximately 5.0% (previously up to 10.0%) 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 a majority of these costs have been mitigated through our 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 fourth 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 months ended September 30, 2025. Declaration of Third Quarter Dividend The board of directors of the Company declared a cash dividend for the third quarter of 2025 of $0.23 per common share, or approximately $9.6 million in total. Payable: December 15, 2025 Record date: December 1, 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 nine months ended September 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 third quarter 2025 results at 5:00 p.m. ET today, November 6, 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=1738878&tp_key=18b6589547 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 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 31, 2025 and under the “Risk Factors” section in the MD&A filed today, November 6, 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. Jamieson Wellness Inc. Selected Consolidated Financial Information In thousands of Canadian dollars, except share and per share amounts     Three months ended    Nine months ended    September 30    September 30    2025   2024   2025   2024                 Revenue 199,325   176,155   544,397   488,999 Cost of sales 115,710   108,584   324,748   313,615 Gross profit 83,615   67,571   219,649   175,384                 Gross profit margin 41.9%   38.4%   40.3%   35.9%                 Selling, general and administrative expenses 52,341   41,982   157,274   125,407 Share-based compensation 2,118   1,788   6,283   5,281 Earnings from operations 29,156   23,801   56,092   44,696                 Operating margin 14.6%   13.5%   10.3%   9.1%                 Foreign exchange loss/(gain) 935   578   (310)   (373) Interest expense and other financing costs 6,329   5,068   16,008   14,588 Accretion on preferred shares -     2,169   3,427   6,509 Earnings before income taxes 21,892   15,986   36,967   23,972 Provision for income taxes 6,379   5,568   10,140   8,960 Net earnings 15,513   10,418   26,827   15,012                 Net earnings attributable to:               Shareholders 14,979   10,564   25,604   15,104 Non-controlling interests 534   (146)   1,223   (92)   15,513   10,418   26,827   15,012 Adjusted net earnings 17,679   15,834   40,894   34,403                 EBITDA  33,095   27,934   71,010   59,441 Adjusted EBITDA 37,969   33,914   92,135   81,566                 Adjusted EBITDA margin 19.0%   19.3%   16.9%   16.7%                 Weighted average number of shares               Basic 41,819,276   41,566,805   41,836,515   41,501,326 Diluted 43,091,108   42,943,970   43,044,430   42,747,176                 Earnings per share attributable to common shareholders:               Basic, earnings per share 0.36   0.25   0.61   0.36 Diluted, earnings per share 0.35   0.24   0.59   0.35 Adjusted diluted, earnings per share 0.41   0.37   0.95   0.80 Jamieson Wellness Inc. Consolidated Statements of Financial Position In thousands of Canadian dollars     September 30, 2025   December 31, 2024 Assets       Current assets       Cash 48,816   44,787 Accounts receivable 151,593   228,031 Inventories 236,645   154,658 Derivatives 274   2,661 Prepaid expenses and other current assets 9,331   6,803 Income taxes recoverable 1,479   -     448,138   436,940 Non-current assets       Property, plant and equipment 112,861   103,591 Goodwill 282,248   287,503 Intangible assets 366,680   377,214 Deferred income tax 4,126   3,545 Total assets 1,214,053   1,208,793         Liabilities       Current liabilities       Accounts payable and accrued liabilities 154,333   137,653 Income taxes payable 1,532   4,373 Derivatives 2,146   2,982 Current portion of other long-term liabilities 17,687   27,673   175,698   172,681 Long-term liabilities       Long-term debt 420,000   308,285 Post-retirement benefits 1,297   1,209 Deferred income tax 63,133   64,467 Redeemable preferred shares -     98,138 Other long-term liabilities 24,079   15,633 Total liabilities 684,207   660,413       Equity     Share capital 337,833   326,219 Warrants 14,705   14,705 Contributed surplus 25,051   23,835 Retained earnings 82,669   99,109 Accumulated other comprehensive income 25,840   41,313 Total shareholders' equity 486,098   505,181 Non-controlling interests 43,748   43,199 Total equity 529,846   548,380 Total liabilities and equity 1,214,053   1,208,793 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 nine months ended September 30, 2025.  Jamieson Wellness Inc. Segment Information In thousands of Canadian dollars, except as otherwise noted   Jamieson Brands                                         Three months ended September 30               2025   2024    $ Change               % Change                          Revenue 180,523   154,988   25,535   16.5%                         Gross profit 81,253   65,257   15,996   24.5%     Gross profit margin 45.0%   42.1%   -     2.9%                         Share-based compensation (3) 2,118   1,788   330   18.5%                         Selling, general and administrative expenses 50,815   40,516   10,299   25.4%     Acquisition and divestiture related costs (2) -     (541)   541   100.0%     IT system implementation (4) (1,363)   (2,992)   1,629   54.4%     Legal and other (6) (458)   (81)   (377)   (465.4%)     Normalized selling, general and administrative expenses 48,994   36,902   12,092   32.8%                         Earnings from operations 28,320   22,953   5,367   23.4%     Acquisition and divestiture related costs (2) -     541   (541)   (100.0%)     IT system implementation (4) 1,363   2,992   (1,629)   (54.4%)     Legal and other (6) 458   81   377   465.4%     Normalized earnings from operations 30,141   26,567   3,574   13.5%                         Operating margin 15.7%   14.8%   -     0.9%     Normalized operating margin 16.7%   17.1%   -     (0.4%)                         Adjusted EBITDA 36,469   32,340   4,129   12.8%     Adjusted EBITDA margin 20.2%   20.9%   -     (0.7%)                                           Strategic Partners                                         Three months ended September 30               2025   2024    $ Change               % Change                          Revenue 18,802   21,167   (2,365)   (11.2%)                         Gross profit 2,362   2,314   48   2.1%     Gross profit margin 12.6%   10.9%   -     1.7%                         Selling, general and administrative expenses 1,526   1,466   60   4.1%                         Earnings from operations 836   848   (12)   (1.4%)     Operating margin 4.4%   4.0%   -     0.4%                         Adjusted EBITDA 1,500   1,574   (74)   (4.7%)     Adjusted EBITDA margin 8.0%   7.4%   -     0.6%                                           Jamieson Brands                                         Nine months ended September 30               2025   2024    $ Change               % Change                          Revenue 489,221   426,123   63,098   14.8%                         Gross profit 213,294   167,671   45,623   27.2%     Labour relations costs (1)                             -     4,713   (4,713)   (100.0%)     IT system implementation (4) 1,023   -     1,023   100.0%     Acquisition and divestiture related costs (2) -     165   (165)   (100.0%)     Normalized gross profit 214,317   172,549   41,768   24.2%                         Gross profit margin 43.6%   39.3%   -     4.3%     Normalized gross profit margin 43.8%   40.5%   -     3.3%                         Share-based compensation (3) 6,283   5,281   1,002   19.0%                         Selling, general and administrative expenses 152,622   120,839   31,783   26.3%     Acquisition and divestiture related costs (2) -     (865)   865   100.0%     IT system implementation (4) (9,445)   (9,421)   (24)   (0.3%)     Labour relations costs (1) -     (1,675)   1,675   100.0%     Donations (5) (3,118)   -     (3,118)   (100.0%)     Legal and other (6) (1,340)   (378)   (962)   (254.5%)     Normalized selling, general and administrative expenses 138,719   108,500   30,219 27.9%                       Earnings from operations 54,389   41,551   12,838   30.9%     Acquisition and divestiture related costs (2) -     1,030   (1,030)   (100.0%)     IT system implementation (4) 10,468   9,421   1,047   11.1%     Labour relations costs (1) -     6,388   (6,388)   (100.0%)     Donations (5) 3,118   -     3,118   100.0%     Legal and other (6) 1,340   378   962   254.5%     Normalized earnings from operations 69,315   58,768                     10,547   17.9%                         Operating margin 11.1%   9.8%   -     1.3%     Normalized operating margin 14.2%   13.8%   -     0.4%                         Adjusted EBITDA 88,197   76,155   12,042   15.8%     Adjusted EBITDA margin 18.0%   17.9%   -     0.1%                                                                          Strategic Partners                                         Nine months ended September 30               2025   2024    $ Change               % Change                          Revenue 55,176   62,876   (7,700)   (12.2%)                         Gross profit 6,355   7,713   (1,358)   (17.6%)     IT system implementation (4) 226   -     226   100.0%     Normalized gross profit 6,581   7,713   (1,132)   (14.7%)                         Gross profit margin 11.5%   12.3%   -     (0.8%)     Normalized gross profit margin 11.9%   12.3%   -     (0.4%)                         Selling, general and administrative expenses 4,652   4,568   84   1.8%                         Earnings  from operations 1,703   3,145   (1,442)   (45.9%)     IT system implementation (4) 226   -     226   100.0%     Normalized earnings  from operations 1,929   3,145   (1,216)   (38.7%)                         Operating margin 3.1%   5.0%   -     (1.9%)     Normalized operating margin 3.5%   5.0%   -     (1.5%)                         Adjusted EBITDA 3,938   5,411   (1,473)   (27.2%)     Adjusted EBITDA margin 7.1%   8.6%   -     (1.5%)   Reconciliation of Non-IFRS Financial Measures In thousands of Canadian dollars     Three months ended    Nine months ended    September 30    September 30    2025   2024   2025   2024                                 Net earnings: 15,513   10,418   26,827   15,012 Add:               Recovery of income taxes 6,379   5,568   10,140   8,960 Interest expense and other financing costs 6,329   5,068   16,008   14,588 Accretion on preferred shares -     2,169   3,427   6,509 Depreciation of property, plant, and equipment 3,419   3,201   10,148   9,953 Amortization of intangible assets 1,455   1,510   4,460   4,419                 Earnings before interest, taxes, depreciation, and amortization (EBITDA) 33,095   27,934   71,010   59,441 Share-based compensation (3) 2,118   1,788   6,283   5,281 Foreign exchange loss/(gain) 935   578   (310)   (373) Labour relations costs (1) -     -     -     6,388 IT system implementation (4) 1,363   2,992   10,694   9,421 Acquisition and divestiture related costs (2) -     541   -     1,030 Donations (5) -     -     3,118   -   Legal and other (6) 458   81   1,340   378 Adjusted EBITDA 37,969   33,914   92,135   81,566                 Recovery of income taxes (6,379)   (5,568)   (10,140)   (8,960) Interest expense and other financing costs (6,329)   (5,068)   (16,008)   (14,588) Depreciation of property, plant, and equipment (3,419)   (3,201)   (10,148)   (9,953) Amortization of intangible assets (1,455)   (1,510)   (4,460)   (4,419) Share-based compensation (3) (1,996)   (1,666)   (5,917)   (4,915) Tax deduction from vesting of certain share-based awards -     -     (708)   -   Tax effect of normalization adjustments (712)   (1,067)   (3,860)   (4,328) Adjusted net earnings 17,679   15,834   40,894   34,403                                   Three months ended    Nine months ended    September 30    September 30    2025   2024   2025   2024                 Gross profit 83,615   67,571   219,649   175,384 Labour relations costs (1) -     -     -     4,713 Acquisition and divestiture related costs (2) -     -     -     165 IT system implementation (4) -     -     1,249   -   Normalized gross profit 83,615   67,571   220,898   180,262 Normalized gross profit margin 41.9%   38.4%   40.6%   36.9%                 Selling, general and administrative expenses 52,341   41,982   157,274   125,407 Acquisition and divestiture related costs (2) -     (541)   -     (865) IT system implementation (4) (1,363)   (2,992)   (9,445)   (9,421) Labour relations costs (1) -     -     -     (1,675) Donations (5) -     -     (3,118)   -   Legal and other (6) (458)   (81)   (1,340)   (378) Normalized selling, general and administrative expenses 50,520   38,368   143,371   113,068                 Earnings from operations 29,156   23,801   56,092   44,696 Acquisition and divestiture related costs (2) -     541   -     1,030 IT system implementation (4) 1,363   2,992   10,694   9,421 Donations (5) -     -     3,118   -   Labour relations costs (1) -     -     -     6,388 Legal and other (6) 458   81   1,340   378 Normalized earnings from operations 30,977   27,415   71,244   61,913 Normalized operating margin 15.5%   15.6%   13.1%   12.7% (1) These expenses are mainly comprised of third-party legal, security fees, unavoidable facility expenditures, customer fines and penalties, along with freight charges to expedite shipments to customers as it relates to a labour disruption in Q1 2024. (2) Prior year expenses mainly pertain to legal, consulting and integration costs associated with the acquisition and integration of our former distributor partner in China on April 28, 2023. (3) The Company’s share-based compensation expense pertains to our long-term incentive plan (the “LTIP”) (refer to “Share-based compensation”), with stock options, performance-based share units (“PSUs”), time-based restricted share units (“RSUs”), and deferred share units (“DSUs”) expenses, along with associated payroll taxes. (4) Mainly pertains to development 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. (5) Include cash and in-kind donations to support communities adjacent to our Irvine, California facility impacted by the wildfires. (6) Includes other non-recurring expenses primarily related to non-operational legal costs. Reconciliation of Net Debt In thousands of Canadian dollars   ($ in 000's) As at September 30,   As at December 31,   2025   2024         Long-term debt 420,000   308,285 Cash (48,816)   (44,787) Net debt  371,184   263,498   View source version on businesswire.com: https://www.businesswire.com/news/home/20251106634726/en/ Contacts: Investor and Media Contact Information: Jamieson Wellness Ruth Winker 416-960-0052 [email protected] Source: Jamieson Wellness Inc.