Jamieson Wellness (JWEL) Q2 2025 earnings summary

Executive summary

• Q2 2025 consolidated revenue grew 7.7% year-over-year to $199.1 million, driven by branded segment growth and robust international performance, especially in China (up 70.8%–73%) and the U.S.

• Branded revenue rose nearly 14%, with strong gains in China, U.S. youtheory, and innovation-led growth in Canada.

• Adjusted EBITDA increased 11.2% to $35.1 million, with margin improving to 17.6%.

• Successful marketing, digital campaigns, and new product launches fueled growth in Canada, China, and international markets.

• Strategic partner segment revenue declined as expected due to order timing and onboarding delays linked to U.S. tariff uncertainties.

Financial highlights

• Gross profit margin improved by 540 bps to 40.6%, with gross profit up $15.8 million to $80.8 million.

• Adjusted EBITDA grew by $3.5 million to $35.1 million; adjusted net earnings were $17.3 million, up 17.8% year-over-year.

• Net earnings for Q2 2025 were $13.8 million, up 66.3% from Q2 2024.

• Cash from operations before working capital was $18.8 million, with $11.4 million reported for Q2 2025.

• Dividend increased by 9.5% to $0.23 per share.

Outlook and guidance

• FY2025 consolidated revenue guidance is $800–$840 million (9.0%–14.5% growth); adjusted EBITDA $157–$163 million (11.0%–15.5% growth).

• Jamieson Brands revenue guidance raised to $695–$725 million (10.5%–15.3% growth), with China revenue expected to grow 30%–40%.

• Strategic Partners revenue guidance lowered to $105–$116 million due to onboarding delays.

• Adjusted diluted EPS forecasted at $1.79–$1.90 (11%–18% growth); Q3 revenue guidance at $182–$192 million.

• Guidance reflects current trade environment; tariffs have not materially impacted results to date.