Jamieson Wellness Inc. Reports Second Quarter 2025 Results

Executive Summary

• Jamieson Wellness Inc. reported second-quarter 2025 financial results, showing consolidated revenue growth of 7.7% to $199.1 million and adjusted diluted earnings per share of $0.40.
• The company announced a 9.5% increase in its quarterly dividend to $0.23 per share, payable in September 2025.
• Management maintained its full-year 2025 outlook for consolidated revenue ($800.0–$840.0 million) and Adjusted EBITDA ($157.0–$163.0 million), while raising the Jamieson Brands segment revenue guidance and China growth expectations.

Key Details

• Consolidated Financials (Q2 2025):
  • Revenue: $199.1 million (up 7.7% from $184.8 million in Q2 2024).
  • Gross Profit: $80.8 million (up 24.3%); Gross Profit Margin: 40.6% (up 540 bps).
  • Adjusted EBITDA: $35.1 million (up 11.2%); Adjusted EBITDA Margin: 17.6%.
  • Net Earnings: $13.8 million; Adjusted Net Earnings: $17.3 million.
  • Diluted EPS: $0.30; Adjusted Diluted EPS: $0.40.
• Segment Performance:
  • Jamieson Brands: Revenue increased 13.8% to $177.3 million.
    • Canada: Revenue up 2.0%, driven by consumer consumption and "Proudly Canadian" marketing.
    • China: Revenue surged 70.8%, driven by a successful 6/18 promotional campaign and brand building investments.
    • youtheory (U.S.): Revenue up 9.7%, driven by e-commerce growth via new strategic partnerships and traditional channels.
    • International: Revenue up 9.6%, driven by momentum in the Middle East and Southeast Asia.
    • Adjusted EBITDA: $33.5 million (up 16.6%); Margin: 18.9%.
  • Strategic Partners: Revenue decreased 24.9% to $21.8 million due to timing of customer ordering patterns and shipment shifts to H2.
    • Adjusted EBITDA: $1.6 million (down 42.6%); Margin: 7.5%.
• Balance Sheet & Cash Flow:
  • Cash and available facilities: ~$132.9 million.
  • Net Debt: $367.1 million.
  • Cash from Operations: $11.4 million (up from $6.9 million in Q2 2024).
  • Share Repurchases: Purchased 444,580 common shares under the NCIB program for $13.1 million in the first half of 2025.
• Dividend Declaration:
  • Declared a quarterly dividend of $0.23 per common share (a 2.0 cent or 9.5% increase).
  • Total dividend payout: ~$9.5 million.
  • Payable: September 12, 2025; Record Date: August 29, 2025.
• 2025 Fiscal Year Outlook:
  • Consolidated Revenue: $800.0–$840.0 million (9.0%–14.5% growth).
  • Consolidated Adjusted EBITDA: $157.0–$163.0 million (11.0%–15.5% growth).
  • Jamieson Brands Revenue: Raised to $695.0–$725.0 million (10.5%–15.3% growth).
  • China Revenue Growth: Raised to 30.0%–40.0% (from 25.0%–35.0%).
  • Strategic Partners Revenue: Lowered to $105.0–$116.0 million (up to 10.0% growth) due to delayed launches and onboarding shifts caused by U.S. tariff uncertainties.
  • Adjusted Diluted EPS: Expected range of $1.79–$1.90 (11.0%–18.0% growth).

Notable Quotes

• “Q2 marked another solid quarter, reinforcing the continued strength of the health and wellness category and Jamieson’s leadership within it... 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.” — Mike Pilato, President and CEO