Jamieson Wellness Inc.: Comprehensive Business Profile

Source: Jamieson Wellness Inc. 2025 Annual Impact Report and Consolidated Financial Statements (For the year ended December 31, 2025).

Quick Facts / Company Snapshot

Data Metric	Disclosed Value / Detail
Official Company Name	Jamieson Wellness Inc.
Stock Exchange & Ticker	Toronto Stock Exchange (TSX): JWEL
ISIN	Not separately disclosed in the provided source.
Year Established	1922
Corporate Registered Office	66 Wellington Street West, Suite 5300, TD Bank Tower, Toronto, Ontario, M5K 1E6, Canada
Global Headquarters Address	1 Adelaide Street East, Suite 2200, Toronto, Ontario, M5C 2V9, Canada
President & Chief Executive Officer	Mike Pilato
Chair of the Board of Directors	Tim Penner
FY2025 Consolidated Revenue	$822,056 thousand CAD ($822.1 million CAD)
FY2025 Gross Profit & Margin	$338,332 thousand CAD (41.2% Gross Margin)
FY2025 Operating Earnings	$117,526 thousand CAD (14.3% Operating Margin)
FY2025 Adjusted EBITDA	$159,706 thousand CAD (19.4% Adjusted EBITDA Margin)
FY2025 Net Earnings	$64,464 thousand CAD
FY2025 Diluted EPS	$1.46 CAD (Adjusted Diluted EPS: $1.85 CAD)
Total Consolidated Assets	$1,215,032 thousand CAD
Total Shareholders’ Equity	$485,418 thousand CAD (Total Equity: $529,511 thousand CAD)
Cash & Available Credit Facilities	$126,628 thousand CAD ($41,225 thousand CAD Cash)
Net Debt Position	$373,372 thousand CAD
Total Global Workforce	1,346 employees
Independent External Auditor	Ernst & Young LLP (Toronto, Canada)

Source: Jamieson Wellness Inc. 2025 Annual Impact Report (For the year ended December 31, 2025).

Company Overview

Jamieson Wellness Inc. is a Canadian-headquartered global health and wellness company engaged in the manufacturing, development, marketing, distribution, and direct-to-consumer sales of branded and partner-branded natural health products for humans. The enterprise specializes in vitamins, minerals, and herbal supplements (VMS), alongside sports nutrition formulations, women’s wellness solutions, and high-potency functional ingredients. Operating from corporate hubs in Canada, the United States, and China, the company combines in-house scientific research and development with large-scale production across four manufacturing sites located in Ontario and California.

The corporate mandate is guided by its overarching Purpose: “Inspiring Better Lives Every Day.” Established in 1922, Jamieson represents Canada’s #1 consumer health and VMS brand, an iconic consumer franchise supported by more than a century of brand equity and product safety credibility. Over recent decades, the organization has expanded from a Canadian market leader into an international consumer health platform whose branded product lines are distributed in approximately 50 countries worldwide.

• Canada’s Leading VMS Franchise: Jamieson holds the #1 market share position in Canada’s vitamin, mineral, and supplement industry, retaining top positions in high-volume sub-categories such as magnesium.
• Global Consumer Footprint: Product distribution spans approximately 50 countries across North America, Asia-Pacific, Europe, the Middle East, and the Caribbean.
• Integrated Manufacturing Infrastructure: Operates four manufacturing and packaging facilities across Toronto (Ontario), Windsor (Ontario), and Irvine (California).
• Omnichannel Commercial Model: Combines conventional retail distribution across food, drug, mass (FDM), club, and pharmacy channels with high-growth direct-to-consumer (DTC) and cross-border e-commerce (CBEC) ecosystems.

┌─────────────────────────────────────────────────────────────────┐
│                      JAMIESON WELLNESS INC.                     │
│                    (Consolidated Enterprise)                    │
└────────────────┬───────────────────────────────┬────────────────┘
                 │                               │
                 ▼                               ▼
  ┌──────────────────────────────┐ ┌──────────────────────────────┐
  │       JAMIESON BRANDS        │ │      STRATEGIC PARTNERS      │
  │      ($726.6M | 88.4%)       │ │       ($95.5M | 11.6%)       │
  └──────────────┬───────────────┘ └──────────────┬───────────────┘
                 │                                │
    ┌────────────┼────────────┐                   ├► Contract Manufacturing
    ▼            ▼            ▼                   ├► Specialized Tolling
┌─────────┐ ┌─────────┐ ┌──────────┐              └► Global Nutrition Programs
│ Jamieson│ │youtheory│ │Progress- │                 (Nutrition International)
│ Canada  │ │  (U.S.) │ │  ive &   │
│ & China │ │         │ │  Others  │
└─────────┘ └─────────┘ └──────────┘

The enterprise conducts its business through two reportable segments: Jamieson Brands and Strategic Partners. The Jamieson Brands segment serves consumer markets through an array of owned trademarks, including Jamieson, youtheory, Progressive, Smart Solutions, Iron Vegan, and Precision. The Strategic Partners segment utilizes the company’s manufacturing capacity, regulatory compliance, and pharmaceutical-grade quality certifications to provide contract development and manufacturing services to blue-chip consumer health conglomerates, global retailers, and international non-governmental health programs.

Jamieson Wellness operates on a continuous improvement model anchored in its proprietary “360 Quality Promise,” which enforces rigorous standards across raw material purity, potency verification, ethical ingredient sourcing, and exhaustive analytical testing. This strict standard supports commercial retail compliance in heavily regulated jurisdictions worldwide while reinforcing consumer brand loyalty.

Business Segments

Jamieson Wellness evaluates its operational and commercial results through two reportable segments: Jamieson Brands and Strategic Partners. Corporate resource allocation, performance evaluations by the Chief Operating Decision Maker (CODM), and production planning are structured around these divisions.

Segment Revenue and Profitability Summary

Business Segment	FY2025 Revenue ($ in Thousands CAD)	% of Total FY2025 Revenue	FY2024 Revenue (inThousandsCAD)∣%ofTotalFY2024Revenue∣Year−over−YearGrowth(%)∣FY2025EarningsfromOperations( in Thousands CAD)	FY2025 Operating Margin (%)
Jamieson Brands	$726,582	88.39% (Calculated by FirmsWorld)	$628,744	85.69% (Calculated by FirmsWorld)
Strategic Partners	$95,474	11.61% (Calculated by FirmsWorld)	$105,036	14.31% (Calculated by FirmsWorld)
Total Consolidated Enterprise	$822,056	100.00%	$733,780	100.00%

Source: Jamieson Wellness Inc. 2025 Annual Impact Report (For the year ended December 31, 2025).

2025 CONSOLIDATED REVENUE BREAKDOWN BY SEGMENT
┌────────────────────────────────────────────────────────────┐
│ ■ Jamieson Brands: $726.6M (88.4%)                         │
│ ░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░       │
│ ■ Strategic Partners: $95.5M (11.6%)                       │
│ ▒▒▒▒▒▒▒                                                    │
└────────────────────────────────────────────────────────────┘

Jamieson Brands Segment Profile

The Jamieson Brands operating segment forms the core consumer-facing division of the business. It designs, manufactures, markets, and distributes branded natural health products, nutritional supplements, and specialized functional wellness formulas directly to consumers and through retail channels.

In FY2025, Jamieson Brands generated revenue of $726,582 thousand CAD, representing 88.39% of total enterprise revenue, compared to $628,744 thousand CAD (85.69% of revenue) in FY2024. This performance reflected a year-over-year revenue expansion of 15.6%, supported by volume growth in China, expanding e-commerce distribution in the United States, and market share gains in core Canadian categories.

• Gross Profit: Reached $326,286 thousand CAD in FY2025, up 24.5% compared to $262,065 thousand CAD in FY2024. Segment Gross Margin expanded 320 basis points to 44.9% (Normalized Gross Margin of 45.0%), driven by operational efficiencies and positive product/channel mix.
• Selling, General & Administrative Expenses: Totaled $209,800 thousand CAD in FY2025 (Normalized SG&A of $193,177 thousand CAD), up from $168,459 thousand CAD in FY2024, reflecting performance marketing programs in China and global commercial brand-building.
• Earnings from Operations: Grew 13.2% to $111,835 thousand CAD from $98,763 thousand CAD in FY2024. Normalized earnings from operations reached $125,724 thousand CAD, yielding a normalized operating margin of 17.3%.
• Adjusted EBITDA: Rose 15.8% to $151,105 thousand CAD in FY2025, compared to $130,496 thousand CAD in FY2024, maintaining an Adjusted EBITDA margin of 20.8%.

The Jamieson Brands commercial portfolio is divided across four distinct geographic sales divisions: Canada Domestic, youtheory (United States), China Operations, and International Operations. The division relies on a consumer-driven innovation pipeline, brand campaigns (such as the “Proudly Canadian” and quality-centric marketing initiatives), and digital social commerce integration.

Strategic Partners Segment Profile

The Strategic Partners segment operates as a specialized contract manufacturing and co-development partner for consumer health corporations, pharmaceutical organizations, and international retail brands. Rather than operating as a conventional private-label manufacturer, this division leverages the company’s excess manufacturing capacity, technical formulations, and certified production lines to optimize fixed-cost absorption and asset utilization across its Canadian production plants.

In FY2025, the Strategic Partners segment generated $95,474 thousand CAD in revenue, accounting for 11.61% of total enterprise revenue, down 9.1% from $105,036 thousand CAD in FY2024. This expected contraction resulted from the strategic phasing out of lower-margin programs, customer ordering timing, and temporary contract delays associated with global trade and tariff negotiations.

• Gross Profit: Generated $12,046 thousand CAD in FY2025 compared to $13,545 thousand CAD in FY2024, producing a gross margin of 12.6% (Normalized Gross Margin of 12.9%).
• SG&A Costs: Remained stable at $6,355 thousand CAD in FY2025 compared to $6,030 thousand CAD in FY2024.
• Earnings from Operations: Decreased to $5,691 thousand CAD in FY2025 from $7,515 thousand CAD in FY2024, representing an operating margin of 6.0% (Normalized operating margin of 6.2%).
• Adjusted EBITDA: Settled at $8,601 thousand CAD (9.0% Adjusted EBITDA margin) in FY2025 compared to $10,507 thousand CAD (10.0% margin) in FY2024.
• Tolling Arrangements: A portion of contract manufacturing services is executed under specialized tolling arrangements where external clients supply specific active raw materials or proprietary ingredients directly; under these contracts, revenue is recognized net of customer-supplied ingredient costs.
• Global Health Collaboration: Strategic Partners acts as the sole manufacturer of Vitamin A softgels for Nutrition International’s Vitamin A Capsule (VAC) Program, supplying health interventions to over 60 developing countries.

History and Evolution

Jamieson Wellness Inc. traces its operating history back more than a century. The enterprise has grown from an early Canadian natural health pioneer into an international, multi-brand wellness platform.

─────────────────────────────────────────────────────────────────────────────
1922          2017           2022             2023             2025
Establishment Initial Public Acquisition of   Strategic DCP    Enterprise SAP
of Jamieson   Offering (IPO) youtheory (U.S.) Capital Partner- Integration &
in Canada     on the TSX     for $190M Max    ship in China    $822M+ Revenue
─────────────────────────────────────────────────────────────────────────────

• 1922 (Foundational Establishment): The original Jamieson brand was established in Canada, laying the groundwork for a consumer health organization centered on high-purity natural vitamins, botanicals, and dietary supplements.
• Brand Heritage and Quality Standardization: Over multiple decades, Jamieson built national retail distribution across Canadian pharmacies and grocery chains. The company developed its “360 Quality Promise,” instituting quality standards that helped it become Canada’s #1 consumer VMS brand.
• 2017 (Public Listing on the TSX): Jamieson completed its Initial Public Offering (IPO) on the Toronto Stock Exchange under the ticker symbol JWEL, generating capital to accelerate acquisitions, scale production infrastructure, and support international commercial distribution.
• July 2022 (youtheory Acquisition & U.S. Expansion): Jamieson Health Products USA Ltd. acquired Nutrawise Health & Beauty Corporation (operating as youtheory). The acquisition provided an established lifestyle brand in the United States, adding an Irvine, California manufacturing facility, and expanding into functional collagen, turmeric, and ashwagandha categories.
• May 2023 (DCP Capital Partnership & China Growth): The company executed a strategic partnership with DCP Capital (“DCP”) to accelerate expansion in the Chinese consumer market. DCP contributed $47,096 thousand CAD (USD $35,000 thousand) for a 33% minority interest in Jamieson Health Products (Cayman Islands) Limited, while subscribing to Series A Preferred Shares and Warrants.
• 2024 (Operational Modernization & Labour Resolution): Jamieson navigated a temporary first-quarter labour disruption at its Canadian manufacturing operations and resolved it through new collective bargaining arrangements. The organization also initiated a multi-facility enterprise resource planning (ERP) system transition.
• 2025 (Digital Commerce Scale & Preferred Share Redemption): The company expanded its digital presence in China and the U.S., completed the deployment of a unified SAP ERP system across its Canadian headquarters and manufacturing sites, and redeemed the $101,565 thousand CAD Series A Preferred Shares held by DCP Capital. Consolidated revenue reached $822,056 thousand CAD, returning $269 million in cumulative capital to shareholders since its 2017 IPO.

Products and Services

Jamieson Wellness offers an extensive commercial portfolio of dietary supplements, sports nutrition products, functional foods, and contract manufacturing services.

┌───────────────────────────────────────────────────────────────────────────┐
│                    PRODUCTS & SERVICES ARCHITECTURE                       │
├─────────────────────────────────────┬─────────────────────────────────────┤
│ 1. Core Vitamins, Minerals & VMS    │ Multivitamins, Single Vitamins      │
│                                     │ (C, D3, B-Complex), Pure Minerals   │
├─────────────────────────────────────┼─────────────────────────────────────┤
│ 2. High-Growth Specialized Actives  │ Magnesium Bisglycinate (#1 Brand in │
│                                     │ Canada), Ashwagandha, Shilajit      │
├─────────────────────────────────────┼─────────────────────────────────────┤
│ 3. Targeted Health & Longevity      │ Maca, Probiotics (with Prebiotics), │
│                                     │ Hydrolyzed Collagen, Curcuma, Omega │
├─────────────────────────────────────┼─────────────────────────────────────┤
│ 4. Active & Sports Nutrition        │ Plant & Dairy Proteins, Amino Acids,│
│                                     │ Specialized Clean Formulations      │
├─────────────────────────────────────┼─────────────────────────────────────┤
│ 5. Strategic Tolling & Co-Dev       │ Turnkey Softgel/Tablet/Powder       │
│                                     │ Contract Manufacturing for Partners │
└─────────────────────────────────────┴─────────────────────────────────────┘

Revenue Contribution by Product and Service Category

Note: While the company tracks product performance dynamically, the table below reflects the official segment and regional revenue categorizations explicitly reported in the financial disclosures.

Product / Service Category	FY2025 Disclosed Revenue ($ in Thousands CAD)	% of Total Enterprise Revenue	Operational Focus & Indicated Sub-Categories
Jamieson Brands: Canada Formulations	$352,645	42.89% (Calculated by FirmsWorld)	Core VMS lines, Multivitamins, Magnesium Bisglycinate (#1 brand in Canada), Vitamin D3, Vitamin C chewables, Probiotics, Maca, Gummy innovations, Sports Nutrition (Iron Vegan, Precision).
Jamieson Brands: youtheory U.S. Lifestyle	$183,598	22.33% (Calculated by FirmsWorld)	Hydrolyzed Collagen tablets/powders, Shilajit, Ashwagandha Zero Gummies, Stress & Energy support formulations, Specialty botanical capsules.
Jamieson Brands: China Portfolio	$142,707	17.36% (Calculated by FirmsWorld)	High-potency Vitamin C chewables (orange flavor), Vitamin B-Complex chewables, Collagen, Specialty imported VMS formats, Social e-commerce packs.
Jamieson Brands: International Portfolio	$47,632	5.79% (Calculated by FirmsWorld)	Heart health formulations, Omega-3 Mini softgels, Chewable multivitamins with zinc & iron, Curcuma / Turmeric extract, Magnesium.
Strategic Partners: Contract Manufacturing & Tolling	$95,474	11.61% (Calculated by FirmsWorld)	Turnkey contract manufacturing, specialized tolling services, bulk product development, packaging solutions, Global Vitamin A Capsule (VAC) supply.
Total Enterprise Revenue	$822,056	100.00%	Consolidated Portfolio

Source: Jamieson Wellness Inc. 2025 Annual Impact Report (For the year ended December 31, 2025).

Detailed Category Profiles

1. Essential Vitamins, Minerals, and Specialty VMS

• Product Formats: Tablets, caplets, softgels, chewable tablets, gummies, and liquid drops.
• Core Active Lines: Vitamin D3, high-potency Vitamin C chewables, Vitamin B-Complex formulations, prenatal supplements, and mineral complexes.
• Magnesium Leadership: Jamieson represents the #1 Magnesium brand in Canada, led by its 100% Pure Magnesium Bisglycinate line, addressing consumer demand for muscle support, relaxation, and sleep quality.
• Regulatory Compliance: 95% of the total product portfolio is marketed directly for health and nutrition, manufactured in compliance with Health Canada Natural Health Product (NHP) regulations and Good Manufacturing Practice (GMP) standards.

2. Advanced Botanicals, Adaptogens, and Lifestyle Actives

• Stress and Energy Category: Modern lifestyle lines, including standardized Ashwagandha and Shilajit formulations, positioned to address stress reduction, cognitive focus, vitality, and physical performance.
• youtheory Brand Offerings: Formulated with targeted botanical actives, including youtheory Ashwagandha Zero Sugar Gummies and standardized Shilajit vegetarian capsules.
• Women’s Health and Adaptogens: Specialized functional offerings such as Jamieson Maca (3,000 mg dry herb equivalent) for mood and reproductive vitality, and Cranberry Women’s Probiotic with Prebiotics gummies for urinary tract health and microbiome balance.
• Cardiovascular and Joint Support: High-concentration Omega-3 Mini softgels, high-absorption Curcuma (Turmeric) extracts, and specialty botanical extracts designed for cellular antioxidant support.

3. Beauty-from-Within and Collagen Formulations

• Core Offerings: youtheory Collagen Advanced Formulations (providing 6,000 mg hydrolyzed collagen per serving with Vitamin C and amino acids), designed to support skin elasticity, joint health, and connective tissue maintenance.
• Market Channels: Distributed through major U.S. club stores, retail pharmacy chains, Amazon brand storefronts, and cross-border e-commerce platforms in Asia.

4. Sports Nutrition and Active Lifestyle Brands

• Portfolio Assets: Iron Vegan, Progressive, and Precision brands.
• Product Types: Plant-based protein blends, functional superfood powders, fermented amino acids, and performance nutrition formulated without artificial flavors, synthetic sweeteners, or prohibited athletic substances.

5. Strategic Contract Manufacturing and Tolling Services

• Operational Scope: Providing contract manufacturing, clinical formulation development, bulk encapsulation, tableting, and packaging for external consumer health brands.
• Tolling Execution: Executes tolling arrangements where external corporate partners supply raw active ingredients, and Jamieson provides production, quality assurance, and packaging.
• Humanitarian Nutrition Initiatives: Manufacturing specialized high-potency Vitamin A softgel capsules for Nutrition International, helping prevent childhood blindness and support immune health across more than 60 developing countries.

Brand Portfolio

Jamieson Wellness manages an integrated brand portfolio that combines heritage Canadian brands with specialized lifestyle and performance nutrition lines.

2025 BRANDED REVENUE ALLOCATION ($726.6M TOTAL)
┌────────────────────────────────────────────────────────────┐
│ ■ Canada Domestic: $352.6M (48.5%)                         │
│ ░░░░░░░░░░░░░░░░░░░░░░░░░░░░░                               │
│ ■ youtheory (U.S.): $183.6M (25.2%)                        │
│ ▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒                                            │
│ ■ China Operations: $142.7M (19.6%)                        │
│ ▓▓▓▓▓▓▓▓▓▓▓▓                                               │
│ ■ International: $47.6M (6.5%)                             │
│ ████                                                       │
└────────────────────────────────────────────────────────────┘

Brand Revenue Breakdown

Note: In the company’s financial reporting, brand performance is disclosed by commercial operating market and segment revenue streams.

Brand Franchise	Commercial Channel / Region	FY2025 Revenue ($ in Thousands CAD)	% of Branded Revenue	% of Total Company Revenue	Year-over-Year Growth (%)	Core Target Market & Strategic Focus
Jamieson (Canada)	Canada Retail & E-Commerce	$352,645	48.54%	42.89% (Calculated by FirmsWorld)	+5.9%	#1 VMS brand in Canada; broad-spectrum vitamins, minerals, magnesium, and gummies.
youtheory	United States & Select Export	$183,598	25.27%	22.33% (Calculated by FirmsWorld)	+10.6%	Lifestyle wellness brand; collagen, ashwagandha, shilajit, and joint support.
Jamieson (China)	China CBEC & Social Commerce	$142,707	19.64%	17.36% (Calculated by FirmsWorld)	+56.4%	Premium imported health brand; chewables, immunity, and cross-border e-commerce.
Jamieson (International)	~50 Export Markets Worldwide	$47,632	6.55%	5.79% (Calculated by FirmsWorld)	+24.2%	Core VMS, omega-3, heart health, and herbal extracts across Europe and the Middle East.
Specialty Brands (Progressive, Smart Solutions, Iron Vegan, Precision)	Canada Specialty & Sports Retail	Included within Canada Domestic	Included within Canada Domestic	Included within Canada Domestic	Included within Canada Domestic	Plant-based sports nutrition, active wellness, and women’s health.
Total Branded Segment	Global Branded Footprint	$726,582	100.00%	88.39% (Calculated by FirmsWorld)	+15.6%	Integrated Consumer Health Portfolio

Source: Jamieson Wellness Inc. 2025 Annual Impact Report (For the year ended December 31, 2025).

In-Depth Brand Profiles

Jamieson

• Market Position: Canada’s #1 consumer health and VMS brand, operating continuously for over 100 years.
• Brand Attributes: Backed by the “360 Quality Promise” for purity, clinical potency, and quality control.
• Commercial Scale: Generates $352,645 thousand CAD domestically, holding the #1 market position in magnesium, vitamin D, and chewable vitamin formulations.
• Strategic Growth: Supported by the “Proudly Canadian” marketing campaign, localized retail execution, and expansion across digital and pharmacy channels.

youtheory

• Acquisition Background: Acquired in July 2022 to establish a consumer wellness and lifestyle footprint in the United States.
• Market Focus: Premium nutritional supplements centered on collagen, turmeric, and adaptogens.
• FY2025 Performance: Generated $183,598 thousand CAD in revenue (+10.6% YoY growth), supported by double-digit distribution expansion, an e-commerce partnership, and the launch of new Shilajit and Ashwagandha formats.
• Manufacturing Hub: Produced at an in-house manufacturing site in Irvine, California, which achieved an 87% waste diversion rate in 2025.

Progressive, Smart Solutions, Iron Vegan, and Precision

• Progressive: Formulates foundational nutritional powders, multivitamins, and digestive enzymes for health-conscious consumers.
• Smart Solutions: Focuses on women’s natural wellness formulas, hormonal balance, and life-stage nutrition.
• Iron Vegan: Certified organic and non-GMO plant-based sports nutrition formulated for athletes and active lifestyles.
• Precision: Targeted sports performance supplements, amino acids, and protein powders.
• Corporate Integration: On December 31, 2025, operating entity Body Plus Nutritional Products Inc. was dissolved, with its operations fully integrated into Jamieson Laboratories Ltd. to streamline Canadian brand execution.

Geographical Presence

Jamieson Wellness distributes products to approximately 50 countries worldwide, supported by sales hubs, e-commerce channels, and production facilities in Canada, the United States, and China.

┌───────────────────────────────────────────────────────────────────────────┐
│                      GLOBAL GEOGRAPHICAL FOOTPRINT                        │
├───────────────────┬───────────────────┬───────────────────┬───────────────┤
│ CANADA            │ UNITED STATES     │ CHINA             │ INTERNATIONAL │
│ • HQ: Toronto, ON │ • Hub: Irvine, CA │ • Hub: Shanghai   │ • ~50 Export  │
│ • Plants: Windsor │ • Plant: Irvine   │ • Cross-Border    │   Markets     │
│   & Toronto       │ • Revenue: $181.8M│   E-Commerce      │ • Revenue:    │
│ • Revenue: $419.6M│   (22.1% of Total)│ • Revenue: $143.5M│   $77.2M      │
│   (51.0% of Total)│                   │   (17.5% of Total)│   (9.4% Total)│
└───────────────────┴───────────────────┴───────────────────┴───────────────┘

Geographical Revenue by Customer Location

The table below outlines consolidated enterprise revenues (including both Jamieson Brands and Strategic Partners) classified by customer location as disclosed in the financial statement notes.

Geographic Region	FY2025 Revenue ($ in Thousands CAD)	% of Total FY2025 Revenue	FY2024 Revenue (inThousandsCAD)∣%ofTotalFY2024Revenue∣Non−CurrentAssetBase( in Thousands CAD)	Operational & Commercial Footprint
Canada	$419,249 (Calculated by FirmsWorld: 51.0% of $822,056)	51.0%	$399,176 (Calculated by FirmsWorld: 54.4% of $733,780)	54.4%
United States	$181,674 (Calculated by FirmsWorld: 22.1% of $822,056)	22.1%	$182,711 (Calculated by FirmsWorld: 24.9% of $733,780)	24.9%
China	$143,860 (Calculated by FirmsWorld: 17.5% of $822,056)	17.5%	$92,456 (Calculated by FirmsWorld: 12.6% of $733,780)	12.6%
International (Other)	$77,273 (Calculated by FirmsWorld: 9.4% of $822,056)	9.4%	$59,436 (Calculated by FirmsWorld: 8.1% of $733,780)	8.1%
Total Global Footprint	$822,056	100.00%	$733,780	100.00%

Source: Jamieson Wellness Inc. 2025 Annual Impact Report (For the year ended December 31, 2025).

Regional Market Profiles

Canada

• Commercial Contribution: Generates 51.0% of total enterprise revenue ($352,645 thousand CAD in branded revenue, +5.9% YoY).
• Operational Assets: Headquartered in Toronto, with three manufacturing facilities in Windsor and Toronto supporting softgel encapsulation, tableting, and packaging.
• Long-Term Runway: Management identifies an incremental annual revenue opportunity exceeding $225 million CAD in Canada, driven by:
  • Over $100 million CAD from expanded retail and channel distribution.
  • Over $75 million CAD from increased household penetration.
  • Over $50 million CAD from market share gains in targeted sub-categories.

United States

• Commercial Contribution: Represents 22.1% of total enterprise revenue ($183,598 thousand CAD in branded revenue, +10.6% YoY).
• Operations: Centered around youtheory in Irvine, California. Distribution spans FDM retailers, club stores, specialty wellness outlets, and digital platforms via an e-commerce partnership.
• Supply Chain Sustainability: The Irvine facility achieved an 87% landfill waste diversion rate through waste compaction systems and recycling programs.

China

• Commercial Contribution: Represents 17.5% of total revenue ($142,707 thousand CAD in branded revenue, +56.4% YoY).
• Partnership Structure: Operated through a strategic partnership with DCP Capital (which holds a 33% minority interest in Jamieson Health Products Cayman Islands Limited).
• Go-to-Market Model: Employs a digital-first strategy focused on cross-border e-commerce (CBEC) across platforms such as Douyin, Tmall, and JD.com. In 2025, Jamieson was named the leading cross-border VMS store on Douyin.

International Markets

• Commercial Contribution: Accounts for 9.4% of total revenue ($47,632 thousand CAD in branded revenue, +24.2% YoY).
• Key Growth Markets: Core international expansion is concentrated in the Middle East, Eastern Europe, Western Europe, and the Caribbean.
• Portfolio Adaptation: International growth is driven by localized marketing and formulations, including chewable multivitamins, high-potency Vitamin C, Omega-3 Mini softgels, and Curcuma.

Profit and Loss

The table below presents the audited consolidated statements of operations for the years ended December 31, 2025, and December 31, 2024, along with the fourth-quarter performance.

Consolidated Statements of Operations and Comprehensive Income

Financial Line Item	Q4 2025 ($ in Thousands CAD)	Q4 2024 (inThousandsCAD)∣FY2025( in Thousands CAD)	FY2024 (inThousandsCAD)∣FullYearYoYChange( in Thousands CAD)	Full Year YoY Change (%)
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 & admin. expenses (SG&A)	$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
Accretion on preferred shares	$0	$2,220	$3,427	$8,729
Interest expense and financing costs	$6,401	$5,684	$22,409	$20,272
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 for the Year	$37,637	$36,121	$64,464	$51,133
Net Earnings Attributable to Shareholders	$36,833	$36,810	$62,437	$51,914
Net Earnings Attributable to Non-Controlling Interest	$804	$(689)	$2,027	$(781)
Adjusted Net Earnings (Non-IFRS)	$38,500	$34,641	$79,394	$69,044
EBITDA (Non-IFRS)	$64,320	$63,890	$135,330	$123,331
Adjusted EBITDA (Non-IFRS)	$67,571	$59,437	$159,706	$141,003
Adjusted EBITDA Margin (%)	24.3%	24.3%	19.4%	19.2%
Basic Earnings Per Share ($ CAD)	$0.88	$0.88	$1.49	$1.23
Diluted Earnings Per Share ($ CAD)	$0.86	$0.86	$1.46	$1.19
Adjusted Diluted EPS ($ CAD) (Non-IFRS)	$0.90	$0.80	$1.85	$1.61

Source: Jamieson Wellness Inc. 2025 Annual Impact Report (For the year ended December 31, 2025).

Profit and Loss Analysis and Normalization Metrics

Consolidated revenue expanded by 12.0% in FY2025 to $822,056 thousand CAD, supported by a 15.6% increase in branded product sales. Gross profit rose 22.8% to $338,332 thousand CAD, expanding gross margin by 360 basis points to 41.2% (Normalized Gross Margin rose 300 basis points to 41.3%), driven by favorable branded mix, China growth, and volume-related manufacturing efficiencies.

SG&A expenses increased 23.9% to $216,164 thousand CAD, reflecting marketing investments across digital and cross-border platforms in China ($18.0% of the normalized increase), along with investments in corporate infrastructure and talent ($8.0% of the increase). Specified normalization adjustments in SG&A included:

• $10,244 thousand CAD in cloud-based ERP IT system development and post-implementation costs.
• $3,118 thousand CAD in charitable cash and in-kind product donations supporting disaster relief efforts following wildfires near the Irvine, California facility.
• $3,270 thousand CAD in professional due diligence fees for an unconsummated acquisition and non-operational legal expenses.

┌────────────────────────────────────────────────────────────┐
│ FY2025 ADJUSTED EBITDA RECONCILIATION ($159.7M TOTAL)      │
├────────────────────────────────────────────────────────────┤
│ Net Earnings: $64.5M                                       │
│  + Provision for Income Taxes: $25.4M                      │
│  + Interest & Financing Costs: $22.4M                      │
│  + Depreciation: $13.6M                                    │
│  + Amortization of Intangibles: $6.1M                      │
│  + Preferred Share Accretion: $3.4M                        │
│ ────────────────────────────────────────────────────────── │
│ = EBITDA: $135.3M                                          │
│  + IT System Implementation Costs: $11.5M                  │
│  + Share-Based Compensation: $8.4M                         │
│  + Due Diligence, Legal & Other Costs: $3.3M               │
│  + Community Donations: $3.1M                              │
│  + Foreign Exchange Losses: $1.9M                          │
│  - Contingent Consideration Adjustments: $(3.8M)           │
│ ────────────────────────────────────────────────────────── │
│ = ADJUSTED EBITDA: $159.7M (19.4% Margin)                  │
└────────────────────────────────────────────────────────────┘

• Operating Performance: Earnings from operations grew 10.6% to $117,526 thousand CAD, while Normalized Earnings from Operations increased 14.3% to $131,641 thousand CAD.
• Net Profit Margins: Net earnings increased 26.1% to $64,464 thousand CAD, benefiting from operating expansion and lower preferred share accretion following redemption.
• Shareholder Returns: Adjusted Net Earnings rose 15.0% to $79,394 thousand CAD, producing Adjusted Diluted Earnings Per Share of $1.85 CAD (+14.9% vs. $1.61 CAD in FY2024).

Balance Sheet

The table below presents the audited consolidated statements of financial position as of December 31, 2025, and December 31, 2024.

Consolidated Statements of Financial Position

Balance Sheet Category / Account	As at December 31, 2025 ($ in Thousands CAD)	As at December 31, 2024 ($ in Thousands CAD)	YoY Change ($ in Thousands CAD)	YoY Change (%)
CURRENT ASSETS
Cash and cash equivalents	$41,225	$44,787	-$3,562	-8.0%
Accounts receivable	$199,245	$228,031	-$28,786	-12.6% (Calculated by FirmsWorld)
Inventories	$203,083	$154,658	+$48,425	+31.3% (Calculated by FirmsWorld)
Derivative financial instruments	$486	$2,661	-$2,175	-81.7% (Calculated by FirmsWorld)
Prepaid expenses and other current assets	$7,303	$6,803	+$500	+7.3% (Calculated by FirmsWorld)
Total Current Assets	$451,342	$436,940	+$14,402	+3.3% (Calculated by FirmsWorld)
NON-CURRENT ASSETS
Property, plant and equipment	$117,342	$103,591	+$13,751	+13.3% (Calculated by FirmsWorld)
Goodwill	$279,644	$287,503	-$7,859	-2.7% (Calculated by FirmsWorld)
Intangible assets	$362,753	$377,214	-$14,461	-3.8% (Calculated by FirmsWorld)
Deferred income tax assets	$3,951	$3,545	+$406	+11.5% (Calculated by FirmsWorld)
Total Non-Current Assets	$763,690 (Calculated by FirmsWorld)	$771,853 (Calculated by FirmsWorld)	-$8,163	-1.1% (Calculated by FirmsWorld)
TOTAL ASSETS	$1,215,032	$1,208,793	+$6,239	+0.5%
CURRENT LIABILITIES
Accounts payable and accrued liabilities	$155,266	$137,653	+$17,613	+12.8% (Calculated by FirmsWorld)
Income taxes payable	$2,894	$4,373	-$1,479	-33.8% (Calculated by FirmsWorld)
Derivative financial instruments	$3,971	$2,982	+$989	+33.2% (Calculated by FirmsWorld)
Current portion of other long-term liabilities	$12,014	$27,673	-$15,659	-56.6% (Calculated by FirmsWorld)
Total Current Liabilities	$174,145	$172,681	+$1,464	+0.8% (Calculated by FirmsWorld)
NON-CURRENT LIABILITIES
Long-term debt (Revolving credit facility)	$414,597	$308,285	+$106,312	+34.5% (Calculated by FirmsWorld)
Post-retirement benefit obligations	$1,282	$1,209	+$73	+6.0% (Calculated by FirmsWorld)
Deferred income tax liabilities	$68,855	$64,467	+$4,388	+6.8% (Calculated by FirmsWorld)
Redeemable Series A Preferred Shares	$0	$98,138	-$98,138	-100.0% (Calculated by FirmsWorld)
Other long-term liabilities (including Leases)	$26,642	$15,633	+$11,009	+70.4% (Calculated by FirmsWorld)
Total Non-Current Liabilities	$511,376	$487,732	+$23,644	+4.8%
TOTAL LIABILITIES	$685,521	$660,413	+$25,108	+3.8% (Calculated by FirmsWorld)
SHAREHOLDERS’ EQUITY
Share capital (Common shares)	$333,347	$326,219	+$7,128	+2.2% (Calculated by FirmsWorld)
Warrants (DCP Capital)	$14,705	$14,705	$0	0.0%
Contributed surplus	$27,494	$23,835	+$3,659	+15.4% (Calculated by FirmsWorld)
Retained earnings	$99,374	$99,109	+$265	+0.3% (Calculated by FirmsWorld)
Accumulated other comprehensive income (AOCI)	$10,498	$41,313	-$30,815	-74.6% (Calculated by FirmsWorld)
Total Shareholders’ Equity	$485,418	$505,181	-$19,763	-3.9%
Non-controlling interests (DCP China 33%)	$44,093	$43,199	+$894	+2.1% (Calculated by FirmsWorld)
TOTAL EQUITY	$529,511	$548,380	-$18,869	-3.4%
TOTAL LIABILITIES AND EQUITY	$1,215,032	$1,208,793	+$6,239	+0.5%

Source: Jamieson Wellness Inc. 2025 Annual Impact Report (For the year ended December 31, 2025).

Balance Sheet Analysis and Liquidity Position

The company closed FY2025 with total assets of $1,215,032 thousand CAD, compared to $1,208,793 thousand CAD at the end of FY2024.

• Working Capital and Inventory: Inventories increased 31.3% to $203,083 thousand CAD, up from $154,658 thousand CAD in FY2024. This increase reflected strategic raw material stocking to mitigate potential cross-border tariff adjustments and port congestion, as well as inventory builds to support higher brand volume.
• Credit Facilities and Debt Structure: Long-term debt stood at $414,597 thousand CAD under the company’s secured revolving credit facility, which provides committed borrowing capacity of $500,000 thousand CAD, with an accordion feature up to $250,000 thousand CAD maturing on July 19, 2027.
• Preferred Share Settlement: On June 4, 2025, Jamieson fully redeemed its outstanding 2,527,121 Series A Preferred Shares held by DCP Capital for total proceeds of $101,565 thousand CAD ($40.19 per share). This redemption was financed via drawings under the revolving credit facility.
• Net Debt and Available Liquidity: Net Debt ended the year at $373,372 thousand CAD ($414,597 thousand CAD debt less $41,225 thousand CAD cash). Total available liquidity stood at $126,628 thousand CAD in cash and undrawn credit lines.
• Covenant Compliance: Jamieson complied with all lending covenants, maintaining an interest coverage ratio comfortably above the minimum 3.00:1.00 requirement and a leverage ratio well below the 4.50:1.00 ceiling.

Cash Flow

The table below outlines cash flow movements across operating, investing, and financing activities for FY2025 and FY2024.

Consolidated Statements of Cash Flows

Cash Flow Category / Activity	FY2025 ($ in Thousands CAD)	FY2024 ($ in Thousands CAD)	YoY Change ($ in Thousands CAD)	YoY Change (%)
OPERATING ACTIVITIES
Net earnings for the year	$64,464	$51,133	+$13,331	+26.1%
Depreciation of PP&E and right-of-use assets	$13,579	$12,588	+$991	+7.9%
Amortization of intangible assets	$6,078	$5,944	+$134	+2.3%
Deferred income tax expense	$4,360	$4,289	+$71	+1.7% (Calculated by FirmsWorld)
Accretion on preferred shares	$3,427	$8,729	-$5,302	-60.7%
Share-based compensation expense	$8,224	$7,125	+$1,099	+15.4% (Calculated by FirmsWorld)
Revaluation of contingent consideration	$(5,272)	$(1,620)	-$3,652	+225.4% (Calculated by FirmsWorld)
Other non-cash operating items	$5,548	$4,559	+$989	+21.7% (Calculated by FirmsWorld)
Cash from Ops. Before Working Capital (Non-IFRS)	$100,408	$81,527	+$18,881	+23.2%
Net change in non-cash working capital	$(17,899)	$(31,169)	+$13,270	-42.6%
Less: Gain on acquisition-related working capital	$0	$(11,220)	+$11,220	-100.0%
Cash Flows Provided by Operating Activities	$82,509	$61,578	+$20,931	+34.0%
INVESTING ACTIVITIES
Additions to property, plant and equipment (net Capex)	$(12,707)	$(9,181)	-$3,526	+38.4% (Calculated by FirmsWorld)
Acquisition of intangible assets	$(847)	$(983)	+$136	-13.8% (Calculated by FirmsWorld)
Payment of contingent consideration (youtheory)	$(8,692)	$0	-$8,692	N/A
Cash Flows Used in Investing Activities	$(22,246)	$(10,164)	-$12,082	+118.9%
FINANCING ACTIVITIES
Proceeds from credit facilities (Drawings)	$321,495	$102,397	+$219,098	+214.0% (Calculated by FirmsWorld)
Repayments of credit facilities	$(215,183)	$(119,112)	-$96,071	+80.7% (Calculated by FirmsWorld)
Net Credit Facility Financing Cash Flow	$106,312	$(16,715)	+$123,027	N/A
Principal payment of lease liabilities	$(5,609)	$(5,558)	-$51	+0.9% (Calculated by FirmsWorld)
Full redemption of Series A Preferred Shares	$(101,565)	$0	-$101,565	N/A
Exercise of stock options and employee share purchases	$13,132	$11,247	+$1,885	+16.8% (Calculated by FirmsWorld)
Dividends paid to common shareholders	$(37,183)	$(33,459)	-$3,724	+11.1% (Calculated by FirmsWorld)
Repurchase and cancellation of common shares (NCIB)	$(37,870)	$(949)	-$36,921	+3,890.5% (Calculated by FirmsWorld)
Cash Flows Used in Financing Activities	$(62,783)	$(45,434)	-$17,349	+38.2%
Effect of foreign currency exchange rate changes on cash	$(1,042)	$1,944	-$2,986	-153.6% (Calculated by FirmsWorld)
Net Increase (Decrease) in Cash During the Year	$(3,562)	$7,924	-$11,486	-145.0% (Calculated by FirmsWorld)
Cash and cash equivalents – Beginning of Year	$44,787	$36,863	+$7,924	+21.5%
Cash and Cash Equivalents – End of Year	$41,225	$44,787	-$3,562	-8.0%

Source: Jamieson Wellness Inc. 2025 Annual Impact Report (For the year ended December 31, 2025).

Cash Flow and Capital Allocation Insights

• Operating Cash Flow Expansion: Cash flow from operations rose 34.0% to $82,509 thousand CAD in FY2025, driven by a 23.2% increase in pre-working capital operating cash generation ($100,408 thousand CAD).
• Capital Investments: Net capital expenditures on property, plant, and equipment were $12,707 thousand CAD, focused on expanding manufacturing capacity, softgel production upgrades, and facility sustainability initiatives.
• Shareholder Distributions: Jamieson paid $37,183 thousand CAD in common share dividends ($0.88 CAD declared per share, up from $0.80 CAD in FY2024).
• Share Buybacks: The company deployed $37,870 thousand CAD to repurchase and cancel 1,169,064 common shares under its TSX Normal Course Issuer Bid (NCIB) at an average purchase price of $32.39 CAD per share.
• Total Capital Returned: Total cumulative capital returned to shareholders via dividends and share repurchases reached $269 million CAD since the company’s 2017 IPO.

Board of Directors and Leadership Team

Jamieson Wellness is governed by a Board of Directors and an Executive Leadership Team focused on corporate governance, risk management, sustainability oversight, and capital allocation.

Governance Recognition and Structure

Jamieson’s governance framework ranked in the top 20% of Canadian public companies in the S&P/TSX Composite Index in The Globe and Mail’s 2025 Board Games review.

• Board Gender Diversity: 56% of Board roles are held by women (with overall Executive and Board representation standing at 47% women and 35% racialized leaders).
• Committee Structure: The Board executes governance through specialized committees, including the Audit Committee and the Governance, Compensation, and Nominating (GCN) Committee.
• Sustainability Integration: Sustainability targets are linked directly to Short-Term Incentive Plans (STIP), with oversight provided by a dedicated Sustainability Steering Committee.

Disclosed Directors and Key Executives

Mike Pilato — Director, President & Chief Executive Officer

• Corporate Role: Serves as President, Chief Executive Officer, and Director on the Board.
• Operational Scope: Responsible for corporate execution, global strategy, brand portfolio expansion, SAP implementation oversight, and capital allocation.

Tim Penner — Chair of the Board of Directors

• Corporate Role: Independent Chair of the Board of Directors.
• Governance Mandate: Leads board oversight, long-term strategic reviews, shareholder engagement, and capital structure decisions.

Heather Allen — Chair of the Governance, Compensation, and Nominating Committee

• Corporate Role: Board Director and Chair of the GCN Committee.
• Governance Mandate: Oversees executive compensation, board composition, DEIB framework execution, enterprise risk governance, and ESG reporting standards.

Tania Clarke — Board Director

• Corporate Role: Director on the Board and signatory for the approval of the audited consolidated financial statements.
• Governance Mandate: Contributes to financial reporting governance, audit practices, and internal controls.

Dr. Louis Aronne — Board Director & Scientific Advisor

• Corporate Role: Director on the Board of Directors.
• Scientific & Consulting Engagement: Entered into a three-year consulting agreement with the company on November 12, 2024, to formulate natural health products supporting consumers using GLP-1 weight-management treatments. Remuneration includes an initial fee plus a market-rate royalty percentage on commercial product sales.

Subsidiaries, Associates, Joint Ventures

The following table provides a comprehensive overview of Jamieson Wellness Inc.’s directly and indirectly owned corporate subsidiaries, as well as joint arrangements, as of December 31, 2025.

Disclosed Corporate Entities and Subsidiary Ownership

Corporate Legal Entity Name	Principal Place of Operation	Reporting / Functional Currency	FY2025 Effective Ownership %	FY2024 Effective Ownership %	Corporate Operating Scope & Strategic Contribution
Jamieson Laboratories Ltd.	Canada	Canadian Dollar (CAD)	100.0%	100.0%	Primary Canadian operating entity; owns brand assets, Canadian manufacturing facilities, and domestic commercial distribution.
International Nutrient Technologies Limited	Canada	Canadian Dollar (CAD)	100.0%	100.0%	Manufacturing and specialized formulation development entity for Canadian and export lines.
Nutrawise Health & Beauty LLC	United States	United States Dollar (USD)	100.0%	100.0%	U.S. operating company; manufactures and markets the youtheory brand from Irvine, CA.
Jamieson Health Products USA Ltd.	United States	United States Dollar (USD)	100.0%	100.0%	U.S. holding and operational management company for North American assets.
Jamieson Health Products (Cayman Islands) Limited	Cayman Islands	United States Dollar (USD)	67.0%	67.0%	Strategic joint partnership entity holding 100% of China operating entities; 33% minority interest held by DCP Capital.
Jamieson Health Products (Shanghai) Co., Ltd.	China	Chinese Yuan (RMB)	67.0%	67.0%	Commercial operational entity managing mainland China marketing, distribution, Douyin, and retail operations.
Jamieson Health Products (Hong Kong) Trading Limited	China / Hong Kong	United States Dollar (USD)	67.0%	67.0%	Commercial cross-border trading and e-commerce clearing entity for Asian distribution.
Jamieson Health Products (Hong Kong) Operating Limited	China / Hong Kong	United States Dollar (USD)	67.0%	67.0%	Regional administrative and supply chain management entity for cross-border e-commerce.
Jamieson Health Products UK Ltd.	United Kingdom	United States Dollar (USD)	100.0%	100.0%	Commercial marketing and international product distribution hub for the UK and Europe.
Nutricorp UK Ltd.	United Kingdom	British Pound (GBP)	100.0%	100.0%	Contract manufacturing and supply chain coordination hub in the European region.
Jamieson Health Products Netherlands B.V.	Netherlands	Euro (EUR)	100.0%	100.0%	European distribution and regulatory compliance holding entity.
Jamieson Health Products Australia Pty Ltd.	Australia	Australian Dollar (AUD)	100.0%	100.0%	Commercial distribution and marketing entity for the Asia-Pacific and Australian markets.
Nutrawise Japan GK	Japan	Japanese Yen (JPY)	100.0%	100.0%	Commercial distribution entity supporting youtheory and Jamieson brands in Japan.
Body Plus Nutritional Products Inc.	Canada	Canadian Dollar (CAD)	Dissolved	100.0%	Dissolved on December 31, 2025; assets and operations fully transferred into Jamieson Laboratories Ltd.

Source: Jamieson Wellness Inc. 2025 Annual Impact Report (For the year ended December 31, 2025).

Other Investments (Including Minority / Portfolio Holdings)

Jamieson Wellness maintains targeted strategic investments, partnership structures, and environmental asset instruments.

Strategic Partnerships and Derivative Structures

1. DCP Capital China Strategic Joint Arrangement (33% Minority Interest)

• Transaction Structure: On May 16, 2023, DCP Capital invested $47,096 thousand CAD (USD $35,000 thousand) for a 33% minority interest in Jamieson Health Products (Cayman Islands) Limited.
• Governance: The operating board comprises six directors (four appointed by Jamieson, two by DCP), with reserved operational matters requiring a two-thirds majority vote. Jamieson exercises operational control and consolidates 100% of financials, recognizing DCP’s share as Non-Controlling Interest ($44,093 thousand CAD as of Dec 31, 2025).
• Call Option Structure: Jamieson holds a call option exercisable between the 4th and 5th anniversary of the transaction to repurchase DCP’s 33% interest at a formula-based multiple of net revenues. The fair value of this call option was determined to be $nil as of December 31, 2025.

2. veritree Indigenous-Led Biodiversity & Carbon Offset Investment

• Nature of Investment: Strategic community impact and environmental restoration partnership.
• Capital Deployed: $200,000 CAD initial equity/project investment into an Indigenous-led preservation and carbon sequestration initiative in the Great Bear Rainforest.
• Carbon and Ecological Impact: Yields approximately 6,667 tCO2e in carbon offsets (equivalent to removing 1,449 internal-combustion vehicles from roads annually) while restoring forest and coastline biodiversity.

3. Bullfrog Power Green Natural Gas Attribute Certificates

• Nature of Holding: Environmental attribute instruments (GNGCs).
• Volume Purchased: Purchased and retired 8,200 GJ of Green Natural Gas Certificates through Bullfrog Power for the Rhodes Drive manufacturing facility in Windsor, Ontario.
• Decarbonization Metric: Displaced 410 tCO2e, representing 17.6% of the company’s FY2025 natural gas consumption.

Physical Properties (Offices, Plants, Factories)

The company’s operational footprint combines corporate administrative hubs with four specialized manufacturing and packaging facilities.

┌───────────────────────────────────────────────────────────────────────────┐
│                    MANUFACTURING & PROPERTY FOOTPRINT                     │
├──────────────────────┬──────────────────────┬─────────────────────────────┤
│ TORONTO, ONTARIO     │ WINDSOR, ONTARIO     │ IRVINE, CALIFORNIA          │
│ • Global HQ & Office │ • Primary Complex    │ • youtheory Facility        │
│ • Tablet/Encapsu-    │   (4025 Rhodes Dr.)  │ • Solid Dose & Gummy Lines  │
│   lation Facility    │ • Softgel Production │ • Waste Compaction System   │
│ • Packaging Lines    │ • Energy Upgrades    │   (87% Landfill Diversion)  │
└──────────────────────┴──────────────────────┴─────────────────────────────┘

• Corporate Headquarters (Toronto, ON): Global corporate offices located at 1 Adelaide Street East, Suite 2200, Toronto, Ontario. The registered corporate office is maintained at 66 Wellington Street West, Suite 5300, TD Bank Tower, Toronto, Ontario.
• Windsor Manufacturing Facility (4025 Rhodes Drive, Windsor, ON): Primary Canadian manufacturing site supporting pharmaceutical-grade tableting, powder blending, analytical laboratory testing, and national distribution. The site utilizes green gas certificates and advanced building automation systems.
• Windsor Softgel Encapsulation Facility (Windsor, ON): Dedicated softgel manufacturing facility producing nutritional oils, omega formulas, and international Vitamin A capsules. Upgrades completed in 2025 contributed 10% toward the company’s 2030 Scope 1 and 2 emissions reduction goals.
• Toronto Manufacturing Facility (Toronto/Scarborough, ON): Encapsulation and specialty packaging facility supporting domestic consumer brands and contract packaging lines.
• Irvine Manufacturing Plant (Irvine, California, USA): Dedicated production facility for the youtheory brand, featuring solid-dose tableting, gummy packaging lines, and an on-site waste compaction system.

Founders

• Historical Establishment: The enterprise was established in 1922.
• Founding Individuals: Specific founding individuals or biographical details from 1922 are not separately disclosed in the provided source.
• Corporate Continuation: The entity is continued under the Business Corporations Act (Ontario), operating under its modern corporate identity as Jamieson Wellness Inc. following its 2017 TSX public listing.

Parent Company

Jamieson Wellness Inc. is the ultimate parent company of the consolidated corporate group and is publicly listed on the Toronto Stock Exchange (TSX: JWEL). There is no separate ultimate holding company or parent entity above Jamieson Wellness Inc.

Investments and Capital Expenditure Plans

Jamieson Wellness reinvests operating cash flows to expand manufacturing capacity, modernize IT infrastructure, and advance sustainability initiatives.

┌────────────────────────────────────────────────────────────┐
│ 2026 CAPITAL ALLOCATION PRIORITIES (MANAGEMENT GUIDANCE)   │
├────────────────────────────────────────────────────────────┤
│ • Total Planned Capex: ~$20.0M                             │
│   - Capacity expansions across Canadian plants             │
│   - Automation and softgel production efficiencies        │
│   - Decarbonization and packaging sustainability          │
│ • Distribution Center Relocation: $5.0M–$8.0M Non-Capital  │
│ • Working Capital Investment: $25.0M–$35.0M               │
│ • Free Cash Flow Generation: $120.0M–$130.0M (Pre-WC)      │
└────────────────────────────────────────────────────────────┘

• FY2025 Capital Expenditures: Net additions to property, plant, and equipment totaled $12,707 thousand CAD (alongside $847 thousand CAD in intangible software assets), up 38.4% from $9,181 thousand CAD in FY2024, driven by production line investments.
• Enterprise ERP Deployment: In 2025, the company completed the implementation of an SAP ERP platform across its Canadian corporate headquarters and three manufacturing facilities to enhance operational planning and inventory control.
• FY2026 Capital Spending Guidance: Management projects approximately $20.0 million CAD in FY2026 capital expenditures to maintain operations, drive production efficiencies, and support ESG targets.
• Distribution Center Transition: Management plans to incur $5.0 to $8.0 million CAD in non-capital project costs during 2026 to transition warehousing operations into a larger distribution facility.
• Working Capital Plans: Management expects working capital investments between $25.0 and $35.0 million CAD in FY2026 to support commercial growth and maintain supply chain continuity.

Shareholding Pattern

As of the date of the annual report disclosures, Jamieson Wellness Inc. had 41,260,761 Common Shares issued and outstanding (with 41,437,802 common shares outstanding as of December 31, 2025).

Share Capital and Dilutive Instrument Breakdown

Equity / Incentive Instrument	Outstanding Units (As of Dec 31, 2025)	Outstanding Units (As of MD&A Date)	Key Contractual Terms & Exercise Parameters
Common Shares	41,437,802	41,260,761	Listed on the TSX under ticker JWEL; one vote per share, entitled to dividends.
DCP Capital Warrants	2,527,121	2,527,121	Exercisable at $40.19 CAD per share; exercise window open from May 15, 2025, to May 15, 2028.
Stock Options	1,932,451	1,932,451	Weighted average exercise price of $28.37 CAD per share; 1,387,388 options exercisable.
Performance Share Units (PSUs)	301,573	301,573	Settleable in common shares on the 3rd anniversary of grant, contingent on relative TSR performance.
Restricted Share Units (RSUs)	275,509	275,509	Time-based vesting across 1-year and 3-year service schedules.
Deferred Share Units (DSUs)	93,601	93,601	Fully vested for non-executive directors; exercisable upon retirement/separation from the Board.

Source: Jamieson Wellness Inc. 2025 Annual Impact Report (For the year ended December 31, 2025).

• Institutional and Insider Ownership Breakdowns: Detailed public percentage breakdowns between institutional, promoter, and retail holders are not separately disclosed in the provided source.
• Share Repurchase Program (NCIB): Under its TSX Normal Course Issuer Bid renewed on January 30, 2025, Jamieson is authorized to repurchase up to 3,502,925 common shares through February 2, 2026. During FY2025, the company repurchased and cancelled 1,169,064 shares for an aggregate consideration of $37,870 thousand CAD.

Future Strategy

Management’s growth plan is built on four strategic pillars designed to scale the business globally and surpass $1.0 billion CAD in annual sales.

┌───────────────────────────────────────────────────────────────────────────┐
│                     FOUR PILLARS OF FUTURE STRATEGY                       │
├─────────────────────┬─────────────────────┬───────────────────────────────┤
│ 1. BRAND QUALITY    │ 2. CONSUMER TRUST   │ 3. GLOBAL COMMERCIAL          │
│    & INNOVATION     │    & DIFFERENTIATION│    EXPANSION                  │
│ • "360 Quality"     │ • Broad portfolio   │ • Deepen China CBEC/Douyin    │
│ • Magnesium, stress │   across lifestages │ • Accelerate U.S. e-commerce  │
│   & GLP-1 wellness  │ • Women's health &  │ • Grow Middle East & Europe   │
│   formulations      │   active nutrition  │ • Expand Canadian penetration │
├─────────────────────┴─────────────────────┴───────────────────────────────┤
│ 4. BALANCED VALUE CREATION: Organic growth + Selective accretive M&A      │
└───────────────────────────────────────────────────────────────────────────┘

• Pillar 1: Expanding Core Brands via Quality and Innovation: Developing scientific formulations across high-demand categories such as sleep, energy, stress, and GLP-1 companion wellness, supported by the Jamieson Scientific Advisory Board and the “360 Quality Promise.”
• Pillar 2: Consumer Differentiation and Trust: Offering health solutions tailored for varied lifestyles and life stages, from daily family multivitamins to sports nutrition (Iron Vegan, Precision) and women’s health (Smart Solutions).
• Pillar 3: Global Omnichannel Expansion:
  • China: Capitalizing on its brand positioning on Douyin and Tmall, with projected FY2026 revenue growth of 20.0% to 30.0%.
  • United States: Expanding youtheory retail and digital distribution, targeting FY2026 revenue growth of 14.0% to 19.0% USD (10.0% to 15.0% CAD).
  • Canada: Driving growth via brand campaigns and new delivery formats, with targeted FY2026 revenue growth of 4.0% to 6.0%.
  • International: Expanding in core export markets across the Middle East and Europe, targeting FY2026 local-currency growth of 10.0% to 15.0%.
• Pillar 4: Organic Scaling and Accretive Acquisitions: Combining internal brand scaling with selective, value-accretive acquisitions in high-growth international wellness categories.

Full-Year 2026 Management Guidance

Financial Guidance Metric	FY2026 Management Guidance Range	FY2025 Disclosed Actual	Projected Growth Rate (%)
Consolidated Revenue	$895.0M to $935.0M CAD	$822.1M CAD	+9.0% to +13.7% (Company guidance)
Jamieson Brands Revenue	$790.0M to $820.0M CAD	$726.6M CAD	+8.7% to +12.9% (Company guidance)
Strategic Partners Revenue	$105.0M to $115.0M CAD (Calculated)	$95.5M CAD	+10.0% to +20.0% (Company guidance)
Adjusted EBITDA	$174.0M to $181.0M CAD	$159.7M CAD	+9.0% to +13.4% (Company guidance)
Adjusted Diluted EPS	$2.08 to $2.21 CAD	$1.85 CAD	+12.5% to +19.5% (Company guidance)
Gross Margin Trajectory	Expansion of up to +50 bps	41.2%	Margin improvement (Company guidance)
Planned Capital Expenditures	~$20.0M CAD	$12.7M CAD	Operational & ESG capex (Company guidance)
Cash Flow from Ops. (Pre-WC)	$120.0M to $130.0M CAD	$100.4M CAD	+9.0% to +19.0% (Company guidance)

Source: Jamieson Wellness Inc. 2025 Annual Impact Report (For the year ended December 31, 2025).

Key Strengths

• 100+ Year Heritage and Brand Equity: The Jamieson brand has built consumer trust in Canada since 1922, holding the #1 VMS market position and leading major sub-categories like magnesium.
• The “360 Quality Promise” Advantage: Stringent quality, purity, and analytical testing standards support regulatory compliance in demanding international markets and reinforce customer loyalty.
• Diversified Omnichannel Platform: Commercial reach spans Canadian retail, U.S. club and e-commerce networks, Chinese cross-border platforms (Douyin, Tmall), and distributors in approximately 50 countries.
• Scalable In-House Manufacturing: Operating four production facilities provides control over formulation quality, operational costs, and product lead times, while supporting the Strategic Partners contract business.
• Strong Free Cash Flow and Capital Discipline: Operating cash flow expanded 34.0% in FY2025 to $82.5 million CAD, supporting dividends, share buybacks, and preferred share redemptions.
• Recognized Corporate Governance: Ranked in the top 20% of Canadian public companies in The Globe and Mail’s 2025 Board Games review, supported by a 56% female Board of Directors.

Key Challenges and Risks

• Trade Policies, Import Tariffs, and Border Tensions: Potential changes in U.S.-Canada cross-border trade policies, import tariffs, or USMCA negotiations could increase raw material costs, disrupt supply chain logistics, and require compensatory pricing adjustments.
• Regulatory Complexity in Emerging Markets (China CBEC): Operations in China are subject to shifts in import policies, product registration rules, and oversight by authorities such as the State Administration for Market Regulation (SAMR).
• Foreign Exchange Volatility: Operations face currency transaction and translation exposure across U.S. Dollars (raw material purchases, international revenues) and Chinese Renminbi relative to the Canadian Dollar.
• Customer Concentration: The company’s three largest commercial customers accounted for 36.8% of consolidated revenue in FY2025 (Customer 1: 14.9%, Customer 2: 12.9%, Customer 3: 9.0%).
• Geopolitical Disruptions: Regional instability in Eastern Europe and the Middle East can influence supply routes, inflation, and consumer sentiment across export markets.
• Raw Material Inflation and Supply Concentration: The top ten suppliers account for approximately 50% of raw material and packaging purchases, creating exposure to input cost volatility and supply bottlenecks.

Sustainability & ESG Highlights

Jamieson integrates Environmental, Social, and Governance (ESG) priorities into its operational routines, guided by the United Nations Global Compact, GRI, and ISSB S1/S2 reporting frameworks.

┌────────────────────────────────────────────────────────────┐
│                  SUSTAINABILITY SCORECARD                  │
├────────────────────────────────────────────────────────────┤
│ • Scope 1 Direct Emissions: 2,497 tCO2e                    │
│ • Scope 2 Location-Based Emissions: 1,120 tCO2e            │
│ • Scope 2 Market-Based Emissions: 1,172 tCO2e              │
│ • Total Scope 1 + Scope 2 (LB): 3,617 tCO2e                │
│ • Total Energy Consumption: 99,570 GJ (2% YoY Reduction)   │
│ • Renewable Gas Certificates Retired: 8,200 GJ (17.6% Gas) │
│ • Operational Waste Diversion Rate: 54% (2030 Goal: 75%)   │
│ • Workplace Total Recordable Injury Rate (TRIR): 0.75      │
│ • Contractor Injuries / Fatalities: Zero (0)               │
│ • Board & Executive Women Representation: 47%              │
│ • Global Humanitarian Doses (Vitamin A): 21 Million+       │
└────────────────────────────────────────────────────────────┘

• Climate Action: Purchased and retired 8,200 GJ of green gas certificates (offsetting 410 tCO2e, or 17.6% of natural gas consumption at the Rhodes Drive facility) and completed a TCFD climate risk assessment.
• Circularity and Waste Reduction: Increased operational landfill diversion to 54% (on track for 75% by 2030), supported by an 87% diversion rate at the Irvine, California site.
• Human Capital & Safety: Achieved a Total Recordable Injury Rate (TRIR) of 0.75 (exceeding its <1.0 target) with zero contractor injuries or fatalities. Maintained 100% gender pay equity and logged over 20,000 employee training hours in inclusion and belonging.
• Global Humanitarian Partnerships: Partnered with Nutrition International to manufacture and distribute over 21 million life-saving doses of Vitamin A for children across 60+ countries.
• Biodiversity Restoration: Partnered with veritree to plant 97,004 trees (restoring 39 hectares) and invested $200,000 CAD into Indigenous-led conservation in the Great Bear Rainforest.

Conclusion and Strategic Outlook

In FY2025, Jamieson Wellness Inc. advanced its strategic objectives, delivering $822.1 million CAD in consolidated revenue (+12.0% YoY) and $159.7 million CAD in Adjusted EBITDA (+13.3% YoY). The company expanded branded market share in Canada, scaled its digital cross-border e-commerce operations in China (+56.4% YoY), expanded youtheory distribution in the U.S., and completed an enterprise-wide SAP integration across its Canadian manufacturing and corporate hubs.

Looking to FY2026, management has issued consolidated revenue guidance of $895.0 to $935.0 million CAD and Adjusted EBITDA of $174.0 to $181.0 million CAD. Backed by a century of brand equity, certified manufacturing facilities, and growing omnichannel distribution, Jamieson remains focused on expanding its global consumer base as it approaches its long-term milestone of surpassing $1.0 billion CAD in sales.