Jamieson Wellness Inc. Reports Fourth Quarter and Full Year 2025 Results
Executive Summary
- Jamieson Wellness reported a strong 2025 year, with consolidated revenue up 12.0% to C$822.1 M and Adjusted EBITDA increasing 13.3% to C$159.7 M.
- Branded‑business (Jamieson Brands) grew 15.6% YoY, driven by double‑digit growth in China (+56%), Canada (+5.5%) and the U.S. Youtheory brand (+20.2%).
- The company declared a cash dividend of C$0.23 per share (≈C$9.5 M) payable on March 16 2026.
Key Details
- Revenue & Growth
- Consolidated Q4‑25 revenue: C$277.7 M (+13.4% YoY).
- Full‑year 2025 revenue: C$822.1 M (+12.0% YoY).
- Jamieson Brands revenue FY 25: C$726.6 M (+15.6% YoY).
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Strategic Partners revenue FY 25: C$95.5 M (‑9.1% YoY).
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Profitability
- Q4‑25 Adjusted EBITDA: C$62.9 M (up C$8.6 M YoY).
- FY 25 Adjusted EBITDA: C$159.7 M (+13.3%).
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Adjusted EBITDA margin FY 25: 19.4% (stable vs. 19.2% in 2024).
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Segment Performance
- China: Revenue +43.9% YoY in Q4; FY 25 growth expected 20‑30%.
- Canada: Revenue +5.5% YoY in Q4; FY 26 outlook 4‑6% growth.
- U.S. (Youtheory): Revenue +20.2% YoY in Q4; FY 26 outlook 14‑19% USD growth.
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International (Middle East, Europe, Caribbean): Revenue +39.2% YoY in Q4; FY 26 outlook 10‑15% growth.
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Cash & Debt
- Cash and revolving facilities as of 31 Dec 2025: C$126.6 M.
- Net debt (including long‑term debt): C$373.4 M (up from C$263.5 M).
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Cash generated from operations FY 25: C$31.9 M (down from C$37.8 M in Q4‑24).
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Share Repurchases
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Purchased 532,780 common shares for cancellation under NCIB program at total cost of C$18.1 M during Q4‑25.
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Dividend
- Board declared cash dividend of C$0.23 per share (≈C$9.5 M).
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Record date: 6 Mar 2026; payable on 16 Mar 2026.
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Guidance FY 26
- Consolidated revenue forecast: C$895‑935 M (growth 9.0%–13.7%).
- Jamieson Brands revenue: C$790‑820 M (8.7%–12.9% growth).
- China revenue growth target: 20%–30%.
- U.S. revenue growth target: 14%–19% (USD).
- Adjusted EBITDA forecast: C$174‑181 M (growth 9.0%–13.4%).
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Adjusted diluted EPS forecast: $2.08‑$2.21 (12.5%–19.5% growth).
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Operational Highlights
- Completed implementation of a new ERP system in Q1 2025, modernizing data management and digital capabilities.
- Continued investment in marketing, product innovation, and e‑commerce platforms across all geographies.
Notable Quotes
“2025 was an outstanding year for Jamieson Wellness… We are well‑positioned to grow our branded platform toward $1 billion in revenue.” – Mike Pilato, President & CEO.