Jamieson Wellness Inc. Reports Fourth Quarter and Full Year 2025 Results

Annual branded revenue growth of nearly 16% with broad‑based strength across all markets; Adjusted EBITDA growth outpaced revenue for the year 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 financial results for its fourth quarter and full year ended December 31, 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 “2025 was an outstanding year for Jamieson Wellness, driven by sustained global demand for our products and superior execution across every key market,” said Mike Pilato, President and CEO. “Our branded business grew nearly 16%, with growth across each of our core geographies. Higher branded sales combined with investments in marketing and innovation expanded gross margins and drove double-digit growth in Adjusted EBITDA and cash flow. “In China, we grew more than 56% in 2025 as our digital programs and performance marketing continued to deepen consumer engagement, and we're seeing that translate into material growth in brand health indicators and purchase conversion rates across all major platforms. Youtheory delivered double‑digit growth, with strong consumption across both digital and traditional channels driven by our new e‑commerce strategy and innovation in high-growth categories like stress and energy support. “In Canada, our quality‑focused marketing campaign and strong innovation continue to resonate with consumers, driving category‑leading performance. Internationally, we delivered solid organic growth across our focus markets as demand remained healthy in key categories such as immunity, sleep, stress and energy. “As we look to 2026, consumers continue to prioritize their health and wellness, and we're well-positioned to meet them – across geographies, across channels, and across life stages. We're focused on accelerating innovation, extending our reach in the markets that matter most, and strengthening our operational foundation as we continue to grow our branded platform on the path to $1 billion in revenue. I'm grateful to the entire Jamieson team for their commitment to our purpose of Inspiring Better Lives Every Day. Together, we are delivering innovative products for our consumers and building long-term value for our shareholders.” Fiscal 2025 Highlights Revenue growth in Canada outpaced the market, driven by consumer consumption behind the Company’s quality focused marketing campaign and strong on-trend innovation Youtheory delivered double-digit revenue growth vs prior year, driven by strong e-commerce consumption, innovation, and new distribution Revenue in China outpaced the market by 4x, driven by material increases in brand awareness, trial, and consumer conversion to regular buyers Growth continued in International markets, particularly in core markets in the Middle East, Europe, and the Caribbean, driven by strong local innovation and the Company’s Canadian quality marketing campaign, launched globally Operating cash flows before working capital considerations grew 23.2% vs prior year, driven by higher earnings, increased operating leverage and strategic pacing of SG&A investments Successfully implemented new ERP system in Q1 of 2025, modernizing the Company’s data management and digital capabilities to deliver next phase of long-term growth Summary of Fourth Quarter Consolidated Results All comparisons are with the fourth quarter of 2024 Consolidated revenue increased 13.4% to $277.7 million, driven by 17.1% growth in Jamieson Brands, partially offset by an expected decline in Strategic Partners revenue Gross profit increased by $18.5 million to $118.7 million, mainly driven by higher Jamieson Brands revenues and increased margins Gross profit margin3 increased by 180 basis points due to a higher proportion of growth in Jamieson Brands sales EBITDA1 increased by $0.4 million to $64.3 million, mainly driven by higher revenues and gross profit; Adjusted EBITDA1 increased by $8.1 million, reflecting the impact of higher sales volumes, partially offset by investments in SG&A Net earnings was $37.6 million; Adjusted net earnings1 was $38.5 million, or $3.9 million higher, reflecting higher normalized earnings from operations Diluted earnings per share was $0.86; Adjusted diluted earnings per share2 was $0.90 Summary of Fourth Quarter Segment Results All comparisons are with the fourth quarter of 2024 Jamieson Brands Revenue increased 17.1% or $34.7 million to $237.4 million Canada increased by 5.5%, largely reflecting strong consumer consumption driven by quality-focused marketing campaigns and innovations Youtheory increased by 20.2%, mainly driven by innovation and continued strong consumption in e-commerce and growth in traditional channels China increased by 43.9%, primarily driven by successful performance marketing campaigns and innovations generating growth and brand loyalty across all major digital platforms International increased by 39.2%, reflecting strong consumption and organic growth from all major markets, led by the Middle East. Gross profit increased $18.6 million to $113.0 million; normalized gross profit increased by $18.3 million Gross profit margin3 increased by 100 bps; normalized gross profit margin increased by 90 bps to 47.6% mainly driven by higher volumes in China, the Company’s highest gross margin business Adjusted EBITDA1 increased $8.6 million to $62.9 million driven by higher gross profit and partially offset by SG&A due to performance marketing campaigns in China; Adjusted EBITDA margin2 decreased by 30 bps to 26.5%, consistent with prior year while slightly impacted by timing of variable compensation in SG&A in the prior year Strategic Partners All comparisons are with the fourth quarter of 2024 Revenue decreased by an expected 4.4% to $40.3 million, impacted by a reduction in business and the timing of onboarding new customer contracts amidst trade and tariff uncertainties Gross profit was $5.7 million, a decrease of $0.1 million; gross profit margin3 was 14.1%, an increase of 30 bps, impacted by customer and product mix Adjusted EBITDA1 was $4.7 million representing an Adjusted EBITDA margin2 of 11.6%, lower by 50 bps Summary of Fourth Quarter Balance Sheet and Cash Flow from Operations All comparisons are with the fourth quarter of 2024 As at December 31, 2025, the Company had approximately $126.6 million in cash and available revolving and swingline facilities and net debt1 of $373.4 million The Company generated $31.9 million in cash from operations compared to $37.8 million generated in Q4 2024 Cash from operating activities before working capital considerations was $12.9 million higher than Q4 2024 Cash invested in working capital increased by $18.8 million mainly due to increased inventories to support the growth of the business and securing supply amidst tariff uncertainties and port congestion During the three-month period ended December 31, 2025, the Company purchased 532,780 common shares for cancellation under its NCIB program for an aggregate consideration of $18.1 million Summary of Fiscal 2025 Consolidated Results All comparisons are with the fiscal year ended December 31, 2024 Consolidated revenue increased 12.0% to $822.1 million driven by 15.6% growth in Jamieson Brands revenue, partially offset by a 9.1% decline in Strategic Partners revenue, which was impacted by reductions in customer specific programs and timing of onboarding new customer contracts amidst trade and tariff uncertainties Adjusted EBITDA1 increased by $18.7 million or 13.3% to $159.7 million Net earnings were $64.5 million; Adjusted net earnings increased 15.0% to $79.4 million Diluted earnings per share was $1.46; Adjusted diluted earnings per share2 was $1.85 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. Fiscal 2026 Outlook All comparisons are with the fiscal year ended December 31, 2025 In fiscal 2026 the Company expects: Consolidated revenue of between $895.0 million and $935.0 million, representing growth of 9.0% to 13.7% Jamieson Brands revenue of $790.0 million to $820.0 million, or growth of between 8.7% and 12.9%. Beginning Q1 2026, youtheory branded revenue is allocated to its respective geographic business unit, rather than consolidated under youtheory (U.S.) as previously disclosed. China: building on strong 2025 momentum and a significantly scaled consumer base, revenue is expected to grow between 20.0% and 30.0%, driven by continued strong marketing programs, innovation, and distribution gains U.S.: revenue is expected to grow between 14.0% and 19.0% in USD, reflecting continued digital marketing and sales expansion, innovation, and distribution gains Canada: revenue growth between 4.0% and 6.0%, led by continued market leading quality marketing campaign, innovation, and digital growth International: revenue growth between 10.0% and 15.0% in contracted base currency, primarily the US dollar, led by locally relevant innovation and distribution gains in key markets such as the Middle East and Eastern Europe Strategic Partners revenue growth between 10.0% and 20.0%, driven by the full year impact of new programs and new customers Consolidated Adjusted EBITDA between $174.0 and $181.0 million, or growth of 9.0% to 13.4% Consolidated Adjusted EBITDA margins to be maintained at approximately 19.4%, reflecting ongoing margin expansion in each branded business segment offset by geographical mix Adjusted diluted earnings per share of $2.08 to $2.21, or growth of 12.5% to 19.5% The Company’s 2026 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 most of these costs have been mitigated through flexible supply chain and operating efficiencies. The Company recognizes the trade environment is constantly changing, including upcoming USMCA negotiations which may introduce changes to cross-border trade requirements and associated costs. As a result, actual results may be impacted by future changes in global trade policies. For additional details on the Company’s fiscal 2026 outlook, including guidance for the first quarter of 2026, refer to the “Outlook” section in the management’s discussion and analysis of financial condition and results of operations (“MD&A”) for the three and twelve months ended December 31, 2025. The Company’s 2026 guidance is based on a number of key assumptions set forth in the section titled “Outlook – Key Assumptions” in the MD&A, which section is incorporated by reference into this press release. Fourth Quarter Dividend On February 26, 2026, the Company announced that the board of directors declared a cash dividend for the fourth quarter of 2025: $0.23 per common share or approximately $9.5 million in total Paid on March 16, 2026 to all common shareholders of record at the close of business on March 6, 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 audited consolidated annual financial statements and accompanying notes as at and for the three and twelve months ended December 31, 2025 and related 2025 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 fourth quarter and full year 2025 results at 5:00 p.m. ET today, February 26, 2026. 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=1749085&tp_key=8d14330bbd 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 www.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 2026 revenue, Adjusted EBITDA, Adjusted EBITDA margins 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. 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 pursue further strategic acquisitions; our ability to source raw materials and other inputs from our suppliers; our ability to continue to innovate product offerings that resonate with our target customer base; our ability to retain key management and personnel; our ability to continue to expand our international presence and grow our brand internationally; our ability to obtain and maintain existing financing on acceptable terms; currency exchange and interest rates; the impact of competition; changes to trends in our industry or global economic factors; and changes to laws, rules, regulations and global standards . 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, 2025 and under the “Risk Factors” section in the 2025 MD&A filed today, February 26, 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 Twelve months ended December 31 December 31 2025 2024 2025 2024   Revenue 277,659   244,781   822,056   733,780   Cost of sales 158,976   144,555   483,724   458,170   Gross profit 118,683   100,226   338,332   275,610     Gross profit margin 42.7 % 40.9 % 41.2 % 37.6 %   Selling, general and administrative expenses 58,890   49,082   216,164   174,489   Acquisition related adjustments (3,766 ) (12,425 ) (3,766 ) (12,425 ) Share-based compensation 2,125   1,987   8,408   7,268   Earnings from operations 61,434   61,582   117,526   106,278     Operating margin 22.1 % 25.2 % 14.3 % 14.5 %   Foreign exchange loss 2,163   1,852   1,853   1,479   Interest expense and other financing costs 6,401   5,684   22,409   20,272   Accretion on preferred shares -   2,220   3,427   8,729   Earnings before income taxes 52,870   51,826   89,837   75,798   Provision for income taxes 15,233   15,705   25,373   24,665   Net earnings 37,637   36,121   64,464   51,133     Net earnings attributable to: Shareholders 36,833   36,810   62,437   51,914   Non-controlling interests 804   (689 ) 2,027   (781 ) 37,637   36,121   64,464   51,133   Adjusted net earnings 38,500   34,641   79,394   69,044     EBITDA 64,320   63,890   135,330   123,331   Adjusted EBITDA 67,571   59,437   159,706   141,003     Adjusted EBITDA margin 24.3 % 24.3 % 19.4 % 19.2 %   Weighted average number of shares Basic 41,825,723   41,818,220   41,833,795   41,580,983   Diluted 42,919,362   43,179,260   42,882,406   42,843,210     Earnings per share attributable to common shareholders: Basic, earnings per share 0.88   0.86   1.49   1.23   Diluted, earnings per share 0.86   0.84   1.46   1.19   Adjusted diluted, earnings per share 0.90   0.80   1.85   1.61   Jamieson Wellness Inc. Consolidated Statements of Financial Position In thousands of Canadian dollars   December 31, December 31, 2025 2024 Assets Current assets Cash 41,225 44,787 Accounts receivable 199,245 228,031 Inventories 203,083 154,658 Derivatives 486 2,661 Prepaid expenses and other current assets 7,303 6,803 451,342 436,940 Non-current assets Property, plant and equipment 117,342 103,591 Goodwill 279,644 287,503 Intangible assets 362,753 377,214 Deferred income tax 3,951 3,545 Total assets 1,215,032 1,208,793   Liabilities Current liabilities Accounts payable and accrued liabilities 155,266 137,653 Income taxes payable 2,894 4,373 Derivatives 3,971 2,982 Current portion of other long-term liabilities 12,014 27,673 174,145 172,681 Long-term liabilities Long-term debt 414,597 308,285 Post-retirement benefits 1,282 1,209 Deferred income tax 68,855 64,467 Redeemable preferred shares - 98,138 Other long-term liabilities 26,642 15,633 Total liabilities 685,521 660,413   Equity Share capital 333,347 326,219 Warrants 14,705 14,705 Contributed surplus 27,494 23,835 Retained earnings 90,374 99,109 Accumulated other comprehensive income 19,498 41,313 Total shareholders' equity 485,418 505,181 Non-controlling interests 44,093 43,199 Total equity 529,511 548,380 Total liabilities and equity 1,215,032 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 twelve months ended December 31, 2025. Jamieson Wellness Inc. Segment Information In thousands of Canadian dollars, except as otherwise noted   Jamieson Brands   Three months ended December 31 2025 2024 $ Change % Change   Revenue 237,361   202,621   34,740   17.1 %   Gross profit 112,992   94,395   18,597   19.7 % Labour relations costs (1) -   315   (315 ) (100.0 %) Normalized gross profit 112,992   94,710   18,282   19.3 %   Gross profit margin 47.6 % 46.6 % -   1.0 % Normalized gross profit margin 47.6 % 46.7 % -   0.9 %   Share-based compensation (2) 2,125   1,987   138   6.9 %   Selling, general and administrative expenses 57,187   47,621   9,566   20.1 % Labour relations costs (1) -   (462 ) 462   100.0 % IT system implementation (3) (799 ) (2,141 ) 1,342   62.7 % Due diligence, legal, and other (4) (1,930 ) (1,215 ) (715 ) (58.8 %) Normalized selling, general and administrative expenses 54,458   43,803   10,655   24.3 %   Earnings from operations 57,446   57,212   234   0.4 % Labour relations costs (1) -   777   (777 ) (100.0 %) IT system implementation (3) 799   2,141   (1,342 ) (62.7 %) Acquisition related purchase consideration adjustments (5) (3,766 ) (12,425 ) 8,659   69.7 % Due diligence, legal, and other (4) 1,930   1,215   715   58.8 % Normalized earnings from operations 56,409   48,920   7,489   15.3 %   Operating margin 24.2 % 28.2 % -   (4.0 %) Normalized operating margin 23.8 % 24.1 % -   (0.3 %)   Adjusted EBITDA 62,908   54,341   8,567   15.8 % Adjusted EBITDA margin 26.5 % 26.8 % -   (0.3 %) Strategic Partners   Three months ended December 31 2025 2024 $ Change % Change   Revenue 40,298   42,160   (1,862 ) (4.4 %)   Gross profit 5,691   5,831   (140 ) (2.4 %) Gross profit margin 14.1 % 13.8 % -   0.3 %   Selling, general and administrative expenses 1,703   1,461   242   16.6 %   Earnings from operations 3,988   4,370   (382 ) (8.7 %)   Operating margin 9.9 % 10.4 % -   (0.5 %)   Adjusted EBITDA 4,663   5,096   (433 ) (8.5 %) Adjusted EBITDA margin 11.6 % 12.1 % -   (0.5 %) Jamieson Wellness Inc. Segment Information (continued) In thousands of Canadian dollars, except as otherwise noted   Jamieson Brands   Twelve months ended December 31 2025 2024 $ Change % Change   Revenue 726,582   628,744   97,838   15.6 %   Gross profit 326,286   262,065   64,221   24.5 % Labour relations costs (1) -   5,028   (5,028 ) (100.0 %) IT system implementation (3) 1,023   -   1,023   100.0 % Due diligence, legal, and other (4) -   165   (165 ) (100.0 %) Normalized gross profit 327,309   267,258   60,051   22.5 %   Gross profit margin 44.9 % 41.7 % -   3.2 % Normalized gross profit margin 45.0 % 42.5 % -   2.5 %   Share-based compensation (2) 8,408   7,268   1,140   15.7 %   Selling, general and administrative expenses 209,809   168,459   41,350   24.5 % IT system implementation (3) (10,244 ) (11,562 ) 1,318   11.4 % Labour relations costs (1) -   (2,137 ) 2,137   100.0 % Donations (6) (3,118 ) -   (3,118 ) (100.0 %) Due diligence, legal, and other (4) (3,270 ) (2,458 ) (812 ) (33.0 %) Normalized selling, general and administrative expenses 193,177   152,302   40,875   26.8 %   Earnings from operations 111,835   98,763   13,072   13.2 % IT system implementation (3) 11,267   11,562   (295 ) (2.6 %) Labour relations costs (1) -   7,165   (7,165 ) (100.0 %) Donations (6) 3,118   -   3,118   100.0 % Acquisition related purchase consideration and post-closing adjustments (5) (3,766 ) (12,425 ) 8,659   69.7 % Due diligence, legal, and other (4) 3,270   2,623   647   24.7 % Normalized earnings from operations 125,724   107,688   18,036   16.7 %   Operating margin 15.4 % 15.7 % -   (0.3 %) Normalized operating margin 17.3 % 17.1 % -   0.2 %   Adjusted EBITDA 151,105   130,496   20,609   15.8 % Adjusted EBITDA margin 20.8 % 20.8 % -   -   Strategic Partners   Twelve months ended December 31 2025 2024 $ Change % Change   Revenue 95,474   105,036   (9,562 ) (9.1 %)   Gross profit 12,046   13,545   (1,499 ) (11.1 %) IT system implementation (3) 226   -   226   100.0 % Normalized gross profit 12,272   13,545   (1,273 ) (9.4 %)   Gross profit margin 12.6 % 12.9 % -   (0.3 %) Normalized gross profit margin 12.9 % 12.9 % -   -     Selling, general and administrative expenses 6,355   6,030   325   5.4 %   Earnings from operations 5,691   7,515   (1,824 ) (24.3 %) IT system implementation (3) 226   -   226   100.0 % Normalized earnings from operations 5,917   7,515   (1,598 ) (21.3 %)   Operating margin 6.0 % 7.2 % -   (1.2 %) Normalized operating margin 6.2 % 7.2 % -   (1.0 %)   Adjusted EBITDA 8,601   10,507   (1,906 ) (18.1 %) Adjusted EBITDA margin 9.0 % 10.0 % -   (1.0 %) Reconciliation of Non-IFRS Financial Measures In thousands of Canadian dollars   Three months ended Twelve months ended December 31 December 31 2025 2024 2025 2024     Net earnings: 37,637   36,121   64,464   51,133   Add: Recovery of income taxes 15,233   15,705   25,373   24,665   Interest expense and other financing costs 6,401   5,684   22,409   20,272   Accretion on preferred shares -   2,220   3,427   8,729   Depreciation of property, plant, and equipment 3,431   2,635   13,579   12,588   Amortization of intangible assets 1,618   1,525   6,078   5,944     Earnings before interest, taxes, depreciation, and amortization (EBITDA) 64,320   63,890   135,330   123,331   Share-based compensation (2) 2,125   1,987   8,408   7,268   Foreign exchange loss 2,163   1,852   1,853   1,479   Labour relations costs (1) -   777   -   7,165   IT system implementation (3) 799   2,141   11,493   11,562   Acquisition related purchase consideration and post-closing adjustments (5) (3,766 ) (12,425 ) (3,766 ) (12,425 ) Donations (6) -   -   3,118   -   Due diligence, legal, and other (4) 1,930   1,215   3,270   2,623   Adjusted EBITDA 67,571   59,437   159,706   141,003     Recovery of income taxes (15,233 ) (15,705 ) (25,373 ) (24,665 ) Interest expense and other financing costs (6,401 ) (5,684 ) (22,409 ) (20,272 ) Depreciation of property, plant, and equipment (3,431 ) (2,635 ) (13,579 ) (12,588 ) Amortization of intangible assets (1,618 ) (1,525 ) (6,078 ) (5,944 ) Share-based compensation (2) (2,003 ) (1,865 ) (7,920 ) (6,780 ) Tax deduction from vesting of certain share-based awards -   -   (708 ) -   Tax effect of normalization adjustments (385 ) 2,618   (4,245 ) (1,710 ) Adjusted net earnings 38,500   34,641   79,394   69,044   Three months ended Twelve months ended December 31 December 31 2025 2024 2025 2024   Gross profit 118,683   100,226   338,332   275,610   Labour relations costs (1) -   315   -   5,028   Due diligence, legal, and other (4) -   -   -   165   IT system implementation (3) -   -   1,249   -   Normalized gross profit 118,683   100,541   339,581   280,803   Normalized gross profit margin 42.7 % 41.1 % 41.3 % 38.3 %   Selling, general and administrative expenses 58,890   49,082   216,164   174,489   IT system implementation (3) (799 ) (2,141 ) (10,244 ) (11,562 ) Labour relations costs (1) -   (462 ) -   (2,137 ) Donations (6) -   -   (3,118 ) -   Due diligence, legal, and other (4) (1,930 ) (1,215 ) (3,270 ) (2,458 ) Normalized selling, general and administrative expenses 56,161   45,264   199,532   158,332     Earnings from operations 61,434   61,582   117,526   106,278   Acquisition related purchase consideration and post-closing adjustments (5) (3,766 ) (12,425 ) (3,766 ) (12,425 ) IT system implementation (3) 799   2,141   11,493   11,562   Donations (6) -   -   3,118   -   Labour relations costs (1) -   777   -   7,165   Due diligence, legal, and other (4) 1,930   1,215   3,270   2,623   Normalized earnings from operations 60,397   53,290   131,641   115,203   Normalized operating margin 21.8 % 21.8 % 16.0 % 15.7 % (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) Our share-based compensation expense pertains to our long-term incentive plan (the “LTIP”), 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.   (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) To adjust for the fair value of purchase consideration accounted for as compensation in the 2022 youtheory acquisition, net of post-acquisition working capital adjustments to reflect acquired liabilities.   (6) Include cash and in-kind donations to support communities adjacent to our Irvine, California facility impacted by the wildfires. Reconciliation of Net Debt In thousands of Canadian dollars   ($ in 000's) As at December 31, As at December 31, 2025 2024   Long-term debt 414,597   308,285   Cash (41,225 ) (44,787 ) Net debt 373,372   263,498     View source version on businesswire.com: https://www.businesswire.com/news/home/20260226619502/en/ Contacts: Investor Relations and Media Contact Information: Jamieson Wellness Ruth Winker 416-960-0052 [email protected] Source: Jamieson Wellness Inc.