Jamieson Wellness (JWEL) Investor Day 2025 summary

Strategic vision and global expansion

• Transitioned from a Canada-centric company to a global powerhouse, with over 50% of branded revenue now from outside Canada, up from 10% in 2017.

• Four branded business units focus on Canada, the U.S., China, and other high-potential international markets, leveraging local relevance and global consistency.

• Targeting $1 billion in revenue within 3-5 years, with Canada expected to represent about 35% of the mix.

• China is a key growth engine, with a 2019-2024 CAGR of 54.9% and 2025 revenue growth targeted at 25-35%.

• Strategic partnerships and M&A are leveraged to drive efficiency, margin, and market access globally.

Financial performance and guidance

• Achieved 156% top-line and 150% bottom-line growth since 2017 IPO, with cash flow up 261% and dividends up 150%.

• 2024 consolidated revenue reached $734 million, with Canadian business growing from $200 million to over $300 million and on pace to surpass $400 million in 3-5 years.

• 2025 revenue guidance is $800M-$840M, with consolidated EBITDA of $157M-$163M and 10-15% revenue growth targeted over the next 3-5 years.

• Over $200 million has been returned to shareholders since IPO, with a 15% average dividend growth rate.

• China and youtheory are expected to deliver the highest growth rates, with China targeting 25-35% and youtheory 10-20% revenue growth.

Market trends and category drivers

• VMS (vitamins, minerals, supplements) category is resilient, growing over 5% pre- and post-COVID, with an 8% spike during COVID.

• Growth fueled by global megatrends: aging population, younger consumers entering the category, rising disposable income in emerging markets, focus on preventative health, and informed consumers.

• In China, e-commerce is over 50% of the VMS category, providing significant growth opportunities.

• U.S. market is the largest globally, with high household penetration and strong online development.

• Internationally, the goal is to be a top 3 brand in high-potential markets and grow eCommerce and retail partnerships.