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<\/a><\/a>\nManagement Commentary<\/b><\/p>
\n\u201cQ1 marked a strong start to the year, underscoring the effectiveness of our strategy and our team\u2019s disciplined execution,\u201d said Mike Pilato, President and CEO of Jamieson Wellness. \u201cWe delivered consolidated revenue growth of 16%, with strong branded revenue growth across all key markets.<\/p>
\n\u201cOur China business delivered exceptional performance, growing more than 55% in the quarter as our targeted marketing programs and locally relevant innovation drove increased brand loyalty, particularly across our major digital platforms. In the U.S., we delivered to expectation and continue to progress, supported by the expansion of the youtheory brand in e-commerce channels. Across Canada, growth was driven by the continued success of our quality-focused marketing campaign, while strong innovation and organic growth drove a double-digit increase in our International business.<\/p>
\n\"We expanded margins in the quarter while investing strategically, reflecting the ability of our operating model to balance global efficiency with local consumer needs. With momentum building across the business, we continue to expect another year of strong branded growth, margin expansion, and cash generation as we deepen our connection with consumers. I'm grateful to the entire Jamieson team for their unwavering dedication and commitment to meeting consumer needs and creating value for our shareholders.\"<\/p>
\nFirst Quarter Highlights<\/b><\/p> \nFirst Quarter Financial Results Consolidated Summary<\/b><\/p> \nAll comparisons are with the first quarter of 2025<\/p> \nSummary of Segment Results<\/b><\/p> \nAll comparisons are with the first quarter of 2025 and reflect the allocation of youtheory brand revenue to its respective branded business segment.<\/p> \nJamieson Brands<\/span><\/p> \nStrategic Partners<\/span><\/p> \nBalance Sheet and Cash Flow from Operations<\/b><\/p> \nAll comparisons are with the first quarter of 2025<\/p> \n1<\/sup> This is a non-IFRS financial measure. See the \u201cNon-IFRS and Other Financial Measures\u201d section of this press release for more information on each non-IFRS financial measure.\n \nMaintaining Fiscal 2026 Outlook<\/b><\/p> \nThe Company is maintaining its outlook for the 2026 fiscal year and continues to anticipate the following:<\/p> \nThe Company\u2019s 2026 guidance reflects the current prevailing trade environment between the United States, Canada and other countries. The Company recognizes the trade environment is constantly changing and actual results may be impacted by future changes in global trade policies. For additional details on the Company\u2019s fiscal 2026 outlook, including guidance for the second quarter of 2026, refer to the \u201cOutlook\u201d section in the management\u2019s discussion and analysis of financial condition and results of operations (\u201cMD&A\u201d) for the three months ended March 31, 2026.<\/p> \nDeclaration of First Quarter Dividend<\/b><\/p> \nThe board of directors of the Company declared a cash dividend for the first quarter of 2026:<\/p> \nConsolidated Financial Statements and Management\u2019s Discussion and Analysis<\/b><\/p> \nThe Company\u2019s unaudited condensed consolidated interim financial statements and accompanying notes as at and for the three months ended March 31, 2026 and related MD&A are available under the Company\u2019s profile on SEDAR+ at www.sedarplus.ca<\/a> and on the Investor Relations section of the Company\u2019s website at https:\/\/investors.jamiesonwellness.com<\/a>.<\/p> \nConference Call<\/b><\/p> \nManagement will host a conference call to discuss the Company\u2019s first quarter 2026 results at 5:00 p.m. ET today, May 7, 2026. To access:<\/p> \nAbout Jamieson Wellness<\/b><\/p> \nJamieson 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 (\u201cVMS\u201d) brand. The Company\u2019s 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 jamiesonwellness.com.<\/p> \nJamieson Wellness\u2019 head office is located at 1 Adelaide Street East Suite 2200, Toronto, Ontario, Canada.<\/p> \nForward-Looking Information<\/b><\/p> \nThis 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\u2019s anticipated results, its expectations for another year of strong branded growth, margin expansion and cash generation, and its outlook for its 2026 revenue, Adjusted EBITDA, Adjusted EBITDA margins and Adjusted diluted earnings per share. Words such as \u201cexpect\u201d, \u201canticipate\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cwill\u201d, \u201cestimate\u201d 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\u2019s expectations, estimates and projections regarding future events or circumstances, which could prove to be incorrect.<\/p> \nThe 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\u2019s 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 \u201cRisk Factors\u201d in the Company\u2019s Annual Information Form dated March 31, 2026 and under the \u201cRisk Factors\u201d section in the MD&A filed today, May 7, 2026. The Company cautions that the forgoing list of assumptions and risks is not exhaustive and other factors could also adversely affect the Company\u2019s results.<\/p> \nThe 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.<\/p> \nSource: Jamieson Wellness Inc.<\/p> \nJamieson Wellness Inc.<\/b><\/p> \nSelected Consolidated Financial Information<\/p> \nIn thousands of Canadian dollars, except share and per share amounts<\/p><\/td><\/tr>\n \n2026<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n2025<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n169,750<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n145,963<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n100,665<\/p><\/td> \n\u00a0<\/p><\/td> \n90,743<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n69,085<\/p><\/td> \n\u00a0<\/p><\/td> \n55,220<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n40.7<\/b><\/p><\/td> \n%<\/b><\/p><\/td> \n37.8<\/b><\/p><\/td> \n%<\/b><\/p><\/td><\/tr>\n \n52,553<\/p><\/td> \n\u00a0<\/p><\/td> \n49,587<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n2,369<\/p><\/td> \n\u00a0<\/p><\/td> \n2,087<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n14,163<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n3,546<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n8.3<\/b><\/p><\/td> \n%<\/b><\/p><\/td> \n2.4<\/b><\/p><\/td> \n%<\/b><\/p><\/td><\/tr>\n \n(1,231<\/p><\/td> \n)<\/p><\/td> \n504<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n5,065<\/p><\/td> \n\u00a0<\/p><\/td> \n4,908<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n-<\/p><\/td> \n\u00a0<\/p><\/td> \n2,272<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n10,329<\/p><\/td> \n\u00a0<\/p><\/td> \n(4,138<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n729<\/p><\/td> \n\u00a0<\/p><\/td> \n(1,624<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n9,600<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n(2,514<\/b><\/p><\/td> \n)<\/b><\/p><\/td><\/tr>\n \n8,809<\/p><\/td> \n\u00a0<\/p><\/td> \n(2,446<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n791<\/p><\/td> \n\u00a0<\/p><\/td> \n(68<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n9,600<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n(2,514<\/b><\/p><\/td> \n)<\/b><\/p><\/td><\/tr>\n \n7,420<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n5,948<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n20,421<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n7,797<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n22,428<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n19,066<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n13.2<\/b><\/p><\/td> \n%<\/b><\/p><\/td> \n13.1<\/b><\/p><\/td> \n%<\/b><\/p><\/td><\/tr>\n \n41,383,398<\/p><\/td> \n\u00a0<\/p><\/td> \n41,979,827<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n42,484,845<\/p><\/td> \n\u00a0<\/p><\/td> \n41,979,827<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n0.21<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.06<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n0.21<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.06<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n0.17<\/p><\/td> \n\u00a0<\/p><\/td> \n0.14<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n<\/table> \nJamieson Wellness Inc.<\/b><\/p> \nConsolidated Statements of Financial Position<\/p> \nIn thousands of Canadian dollars<\/p><\/td><\/tr>\n \nMarch 31,<\/b><\/p> \n2026<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \nDecember 31,<\/b><\/p> \n2025<\/b><\/p><\/td> \n39,860<\/p><\/td> \n41,225<\/p><\/td> \n133,466<\/p><\/td> \n199,245<\/p><\/td> \n247,843<\/p><\/td> \n203,083<\/p><\/td> \n341<\/p><\/td> \n486<\/p><\/td> \n8,454<\/p><\/td> \n7,303<\/p><\/td> \n2,762<\/p><\/td> \n-<\/p><\/td> \n432,726<\/b><\/p><\/td> \n451,342<\/b><\/p><\/td> \n116,750<\/p><\/td> \n117,342<\/p><\/td> \n282,310<\/p><\/td> \n279,644<\/p><\/td> \n364,531<\/p><\/td> \n362,753<\/p><\/td> \n3,690<\/p><\/td> \n3,951<\/p><\/td> \n1,200,007<\/b><\/p><\/td> \n1,215,032<\/b><\/p><\/td> \n113,223<\/p><\/td> \n155,266<\/p><\/td> \n1,618<\/p><\/td> \n2,894<\/p><\/td> \n1,671<\/p><\/td> \n3,971<\/p><\/td> \n4,263<\/p><\/td> \n12,014<\/p><\/td> \n120,775<\/b><\/p><\/td> \n174,145<\/b><\/p><\/td> \n446,140<\/p><\/td> \n414,597<\/p><\/td> \n1,313<\/p><\/td> \n1,282<\/p><\/td> \n68,319<\/p><\/td> \n68,855<\/p><\/td> \n25,462<\/p><\/td> \n26,642<\/p><\/td> \n662,009<\/b><\/p><\/td> \n685,521<\/b><\/p><\/td> \n339,673<\/p><\/td> \n333,347<\/p><\/td> \n14,705<\/p><\/td> \n14,705<\/p><\/td> \n23,919<\/p><\/td> \n27,494<\/p><\/td> \n89,641<\/p><\/td> \n90,374<\/p><\/td> \n24,474<\/p><\/td> \n19,498<\/p><\/td> \n492,412<\/b><\/p><\/td> \n485,418<\/b><\/p><\/td> \n45,586<\/p><\/td> \n44,093<\/p><\/td> \n537,998<\/b><\/p><\/td> \n529,511<\/b><\/p><\/td> \n1,200,007<\/b><\/p><\/td> \n1,215,032<\/b><\/p><\/td> \nNon-IFRS and Other Financial Measures<\/b><\/p> \nThis 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 to analyze the Company\u2019s 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\u2019s results of operations from management\u2019s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company\u2019s financial information reported under IFRS. The Company uses the following non-IFRS financial measures: \u201cEBITDA\u201d, \u201cAdjusted EBITDA\u201d and \u201cAdjusted net earnings\u201d, the most directly comparable financial measure for each that is disclosed in its financial statements being net earnings, \u201cnormalized gross profit\u201d, \u201cnormalized SG&A\u201d, \u201cnormalized earnings from operations\u201d, \u201ccash from operating activities before working capital considerations\u201d and \u201cnet debt\u201d, 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: \u201cAdjusted EBITDA margin\u201d, \u201cAdjusted diluted earnings per share\u201d, \u201cnormalized gross profit margin\u201d, \u201cnormalized operating margin\u201d, and the following supplementary financial measures: \u201cgross profit margin\u201d and \u201coperating margin\u201d to provide supplemental measures of the Company\u2019s operating performance and thus highlight trends in the Company\u2019s 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 \u201cHow we Assess the Performance of our Business\u201d 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\u2019s financial statements to which the measure relates.<\/p> \nThe 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 \u201cNon-IFRS and Other Financial Measures\u201d of this press release for further information on each non-IFRS financial measure) for the three months ended March 31, 2026.<\/p> \nJamieson Wellness Inc.<\/b><\/p> \nSegment Information<\/p> \nIn thousands of Canadian dollars, except as otherwise noted<\/p><\/td><\/tr>\n \nThree months ended<\/b><\/p> \nMarch 31<\/b><\/p><\/td> \n2026<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n2025<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n$ Change<\/b><\/p><\/td> \n% Change<\/b><\/p><\/td> \n151,874<\/p><\/td> \n\u00a0<\/p><\/td> \n131,381<\/p><\/td> \n\u00a0<\/p><\/td> \n20,493<\/p><\/td> \n\u00a0<\/p><\/td> \n15.6<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n66,625<\/p><\/td> \n\u00a0<\/p><\/td> \n53,790<\/p><\/td> \n\u00a0<\/p><\/td> \n12,835<\/p><\/td> \n\u00a0<\/p><\/td> \n23.9<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n-<\/p><\/td> \n\u00a0<\/p><\/td> \n1,023<\/p><\/td> \n\u00a0<\/p><\/td> \n(1,023<\/p><\/td> \n)<\/p><\/td> \n(100.0<\/p><\/td> \n%)<\/p><\/td><\/tr>\n \n66,625<\/p><\/td> \n\u00a0<\/p><\/td> \n54,813<\/p><\/td> \n\u00a0<\/p><\/td> \n11,812<\/p><\/td> \n\u00a0<\/p><\/td> \n21.5<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n43.9<\/p><\/td> \n%<\/p><\/td> \n40.9<\/p><\/td> \n%<\/p><\/td> \n-<\/p><\/td> \n\u00a0<\/p><\/td> \n3.0<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n43.9<\/p><\/td> \n%<\/p><\/td> \n41.7<\/p><\/td> \n%<\/p><\/td> \n-<\/p><\/td> \n\u00a0<\/p><\/td> \n2.2<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n2,369<\/p><\/td> \n\u00a0<\/p><\/td> \n2,087<\/p><\/td> \n\u00a0<\/p><\/td> \n282<\/p><\/td> \n\u00a0<\/p><\/td> \n13.5<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n50,857<\/p><\/td> \n\u00a0<\/p><\/td> \n48,040<\/p><\/td> \n\u00a0<\/p><\/td> \n2,817<\/p><\/td> \n\u00a0<\/p><\/td> \n5.9<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n(619<\/p><\/td> \n)<\/p><\/td> \n(4,286<\/p><\/td> \n)<\/p><\/td> \n3,667<\/p><\/td> \n\u00a0<\/p><\/td> \n85.6<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n(250<\/p><\/td> \n)<\/p><\/td> \n(25<\/p><\/td> \n)<\/p><\/td> \n(225<\/p><\/td> \n)<\/p><\/td> \n(900.0<\/p><\/td> \n%)<\/p><\/td><\/tr>\n \n-<\/p><\/td> \n\u00a0<\/p><\/td> \n(3,118<\/p><\/td> \n)<\/p><\/td> \n3,118<\/p><\/td> \n\u00a0<\/p><\/td> \n100.0<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n49,988<\/p><\/td> \n\u00a0<\/p><\/td> \n40,611<\/p><\/td> \n\u00a0<\/p><\/td> \n9,377<\/p><\/td> \n\u00a0<\/p><\/td> \n23.1<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n13,399<\/p><\/td> \n\u00a0<\/p><\/td> \n3,663<\/p><\/td> \n\u00a0<\/p><\/td> \n9,736<\/p><\/td> \n\u00a0<\/p><\/td> \n265.8<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n619<\/p><\/td> \n\u00a0<\/p><\/td> \n5,309<\/p><\/td> \n\u00a0<\/p><\/td> \n(4,690<\/p><\/td> \n)<\/p><\/td> \n(88.3<\/p><\/td> \n%)<\/p><\/td><\/tr>\n \n-<\/p><\/td> \n\u00a0<\/p><\/td> \n3,118<\/p><\/td> \n\u00a0<\/p><\/td> \n(3,118<\/p><\/td> \n)<\/p><\/td> \n(100.0<\/p><\/td> \n%)<\/p><\/td><\/tr>\n \n250<\/p><\/td> \n\u00a0<\/p><\/td> \n25<\/p><\/td> \n\u00a0<\/p><\/td> \n225<\/p><\/td> \n\u00a0<\/p><\/td> \n900.0<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n14,268<\/p><\/td> \n\u00a0<\/p><\/td> \n12,115<\/p><\/td> \n\u00a0<\/p><\/td> \n2,153<\/p><\/td> \n\u00a0<\/p><\/td> \n17.8<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n8.8<\/b><\/p><\/td> \n%<\/b><\/p><\/td> \n2.8<\/b><\/p><\/td> \n%<\/b><\/p><\/td> \n-<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n6.0<\/b><\/p><\/td> \n%<\/b><\/p><\/td><\/tr>\n \n9.4<\/b><\/p><\/td> \n%<\/b><\/p><\/td> \n9.2<\/b><\/p><\/td> \n%<\/b><\/p><\/td> \n-<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n0.2<\/b><\/p><\/td> \n%<\/b><\/p><\/td><\/tr>\n \n21,062<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n18,273<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n2,789<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n15.3<\/b><\/p><\/td> \n%<\/b><\/p><\/td><\/tr>\n \n13.9<\/b><\/p><\/td> \n%<\/b><\/p><\/td> \n13.9<\/b><\/p><\/td> \n%<\/b><\/p><\/td> \n-<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n-<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nThree months ended<\/b><\/p> \nMarch 31<\/b><\/p><\/td> \n2026<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n2025<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n$ Change<\/b><\/p><\/td> \n% Change<\/b><\/p><\/td> \n17,876<\/p><\/td> \n\u00a0<\/p><\/td> \n14,582<\/p><\/td> \n\u00a0<\/p><\/td> \n3,294<\/p><\/td> \n\u00a0<\/p><\/td> \n22.6<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n2,460<\/p><\/td> \n\u00a0<\/p><\/td> \n1,430<\/p><\/td> \n\u00a0<\/p><\/td> \n1,030<\/p><\/td> \n\u00a0<\/p><\/td> \n72.0<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n-<\/p><\/td> \n\u00a0<\/p><\/td> \n226<\/p><\/td> \n\u00a0<\/p><\/td> \n(226<\/p><\/td> \n)<\/p><\/td> \n(100.0<\/p><\/td> \n%)<\/p><\/td><\/tr>\n \n2,460<\/p><\/td> \n\u00a0<\/p><\/td> \n1,656<\/p><\/td> \n\u00a0<\/p><\/td> \n804<\/p><\/td> \n\u00a0<\/p><\/td> \n48.6<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n13.8<\/p><\/td> \n%<\/p><\/td> \n9.8<\/p><\/td> \n%<\/p><\/td> \n-<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n4.0<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n13.8<\/p><\/td> \n%<\/p><\/td> \n11.4<\/p><\/td> \n%<\/p><\/td> \n-<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n2.4<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n1,696<\/p><\/td> \n\u00a0<\/p><\/td> \n1,547<\/p><\/td> \n\u00a0<\/p><\/td> \n149<\/p><\/td> \n\u00a0<\/p><\/td> \n9.6<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n764<\/p><\/td> \n\u00a0<\/p><\/td> \n(117<\/p><\/td> \n)<\/p><\/td> \n881<\/p><\/td> \n\u00a0<\/p><\/td> \n753.0<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n-<\/p><\/td> \n\u00a0<\/p><\/td> \n226<\/p><\/td> \n\u00a0<\/p><\/td> \n(226<\/p><\/td> \n)<\/p><\/td> \n(100.0<\/p><\/td> \n%)<\/p><\/td><\/tr>\n \n764<\/p><\/td> \n\u00a0<\/p><\/td> \n109<\/p><\/td> \n\u00a0<\/p><\/td> \n655<\/p><\/td> \n\u00a0<\/p><\/td> \n600.9<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n4.3<\/b><\/p><\/td> \n%<\/b><\/p><\/td> \n(0.8<\/b><\/p><\/td> \n%)<\/b><\/p><\/td> \n-<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n5.1<\/b><\/p><\/td> \n%<\/b><\/p><\/td><\/tr>\n \n4.3<\/b><\/p><\/td> \n%<\/b><\/p><\/td> \n0.7<\/b><\/p><\/td> \n%<\/b><\/p><\/td> \n-<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n3.6<\/b><\/p><\/td> \n%<\/b><\/p><\/td><\/tr>\n \n1,366<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n793<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n573<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n72.3<\/b><\/p><\/td> \n%<\/b><\/p><\/td><\/tr>\n \n7.6<\/b><\/p><\/td> \n%<\/b><\/p><\/td> \n5.4<\/b><\/p><\/td> \n%<\/b><\/p><\/td> \n-<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n2.2<\/b><\/p><\/td> \n%<\/b><\/p><\/td><\/tr>\n \nReconciliation of Non-IFRS Financial Measures<\/b><\/p> \nIn thousands of Canadian dollars<\/p><\/td><\/tr>\n \n2026<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n2025<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n9,600<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n(2,514<\/b><\/p><\/td> \n)<\/b><\/p><\/td><\/tr>\n \n729<\/p><\/td> \n\u00a0<\/p><\/td> \n(1,624<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n5,065<\/p><\/td> \n\u00a0<\/p><\/td> \n4,908<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n-<\/p><\/td> \n\u00a0<\/p><\/td> \n2,272<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n3,557<\/p><\/td> \n\u00a0<\/p><\/td> \n3,255<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n1,470<\/p><\/td> \n\u00a0<\/p><\/td> \n1,500<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n20,421<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n7,797<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n2,369<\/p><\/td> \n\u00a0<\/p><\/td> \n2,087<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n(1,231<\/p><\/td> \n)<\/p><\/td> \n504<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n619<\/p><\/td> \n\u00a0<\/p><\/td> \n5,535<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n-<\/p><\/td> \n\u00a0<\/p><\/td> \n3,118<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n250<\/p><\/td> \n\u00a0<\/p><\/td> \n25<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n22,428<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n19,066<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n(729<\/p><\/td> \n)<\/p><\/td> \n1,624<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n(5,065<\/p><\/td> \n)<\/p><\/td> \n(4,908<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n(3,557<\/p><\/td> \n)<\/p><\/td> \n(3,255<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n(1,470<\/p><\/td> \n)<\/p><\/td> \n(1,500<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n(2,290<\/p><\/td> \n)<\/p><\/td> \n(1,965<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n(2,002<\/p><\/td> \n)<\/p><\/td> \n(689<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n105<\/p><\/td> \n\u00a0<\/p><\/td> \n(2,425<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n7,420<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n5,948<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n2026<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n2025<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n69,085<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n55,220<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n-<\/p><\/td> \n\u00a0<\/p><\/td> \n1,249<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n69,085<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n56,469<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n40.7<\/b><\/p><\/td> \n%<\/b><\/p><\/td> \n38.7<\/b><\/p><\/td> \n%<\/b><\/p><\/td><\/tr>\n \n52,553<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n49,587<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n(619<\/p><\/td> \n)<\/p><\/td> \n(4,286<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n-<\/p><\/td> \n\u00a0<\/p><\/td> \n(3,118<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n(250<\/p><\/td> \n)<\/p><\/td> \n(25<\/p><\/td> \n)<\/p><\/td><\/tr>\n \n51,684<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n42,158<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n14,163<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n3,546<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n619<\/p><\/td> \n\u00a0<\/p><\/td> \n5,535<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n-<\/p><\/td> \n\u00a0<\/p><\/td> \n3,118<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n250<\/p><\/td> \n\u00a0<\/p><\/td> \n25<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n15,032<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n12,224<\/b><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n8.9<\/b><\/p><\/td> \n%<\/b><\/p><\/td> \n8.4<\/b><\/p><\/td> \n%<\/b><\/p><\/td><\/tr>\n<\/table> \n(1)<\/p><\/td> \n\u00a0<\/p><\/td> \nOur share-based compensation expense pertains to our long-term incentive plan (the \u201cLTIP\u201d), with stock options, performance-based share units (\u201cPSUs\u201d), time-based restricted share units (\u201cRSUs\u201d), and deferred share units (\u201cDSUs\u201d) expenses, along with associated payroll taxes.<\/p><\/td><\/tr>\n \n(2)<\/p><\/td> \n\u00a0<\/p><\/td> \nCurrent year mainly pertains to IT system development and enhancement costs. Prior year includes development 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.<\/p><\/td><\/tr>\n \n(3)<\/p><\/td> \n\u00a0<\/p><\/td> \nPrior year includes cash and in-kind donations to support communities adjacent to our Irvine, California facility impacted by the wildfires.<\/p><\/td><\/tr>\n \n(4)<\/p><\/td> \n\u00a0<\/p><\/td> \nIncludes other non-recurring expenses primarily relating to non-operational legal costs.<\/p><\/td><\/tr>\n<\/table>\n
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\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three months ended<\/b><\/td>\n<\/tr>\n \n \n \n March 31<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Revenue<\/b><\/td>\n \n \n \n Cost of sales<\/td>\n \n \n \n Gross profit<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Gross profit margin<\/b><\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Selling, general and administrative expenses<\/td>\n \n \n \n Share-based compensation<\/td>\n \n \n \n Earnings from operations<\/b><\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Operating margin<\/b><\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Foreign exchange loss\/(gain)<\/td>\n \n \n \n Interest expense and other financing costs<\/td>\n \n \n \n Accretion on preferred shares<\/td>\n \n \n \n Earnings before income taxes<\/td>\n \n \n \n Provision for\/(recovery of) income taxes<\/td>\n \n \n \n Net earnings\/(loss)<\/b><\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net earnings\/(loss) attributable to:<\/b><\/td>\n \n \n \n \n<\/tr>\n \n Shareholders<\/td>\n \n \n \n Non-controlling interests<\/td>\n \n \n \n \n \n \n \n Adjusted net earnings<\/b><\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n EBITDA<\/b><\/td>\n \n \n \n Adjusted EBITDA<\/b><\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Adjusted EBITDA margin<\/b><\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Weighted average number of shares<\/b><\/td>\n \n \n \n \n<\/tr>\n \n Basic<\/td>\n \n \n \n Diluted<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Earnings per share attributable to common shareholders:<\/b><\/td>\n \n \n \n \n<\/tr>\n \n Basic, earnings per share<\/td>\n \n \n \n Diluted, earnings per share<\/td>\n \n \n \n Adjusted diluted, earnings per share<\/td>\n \n \n \n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n<\/tr>\n \n Assets<\/b><\/td>\n \n \n \n \n \n \n<\/tr>\n \n Current assets<\/b><\/td>\n \n \n \n \n \n \n<\/tr>\n \n Cash<\/td>\n \n \n \n \n<\/tr>\n \n Accounts receivable<\/td>\n \n \n \n \n<\/tr>\n \n Inventories<\/td>\n \n \n \n \n<\/tr>\n \n Derivatives<\/td>\n \n \n \n \n<\/tr>\n \n Prepaid expenses and other current assets<\/td>\n \n \n \n \n<\/tr>\n \n Income taxes recoverable<\/td>\n \n \n \n \n<\/tr>\n \n \n \n \n \n \n<\/tr>\n \n Non-current assets<\/b><\/td>\n \n \n \n \n \n \n<\/tr>\n \n Property, plant and equipment<\/td>\n \n \n \n \n<\/tr>\n \n Goodwill<\/td>\n \n \n \n \n<\/tr>\n \n Intangible assets<\/td>\n \n \n \n \n<\/tr>\n \n Deferred income tax<\/td>\n \n \n \n \n<\/tr>\n \n Total assets<\/b><\/td>\n \n \n \n \n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Liabilities<\/b><\/td>\n \n \n \n \n \n \n<\/tr>\n \n Current liabilities<\/b><\/td>\n \n \n \n \n \n \n<\/tr>\n \n Accounts payable and accrued liabilities<\/td>\n \n \n \n \n<\/tr>\n \n Income taxes payable<\/td>\n \n \n \n \n<\/tr>\n \n Derivatives<\/td>\n \n \n \n \n<\/tr>\n \n Current portion of other long-term liabilities<\/td>\n \n \n \n \n<\/tr>\n \n \n \n \n \n \n<\/tr>\n \n Long-term liabilities<\/b><\/td>\n \n \n \n \n \n \n<\/tr>\n \n Long-term debt<\/td>\n \n \n \n \n<\/tr>\n \n Post-retirement benefits<\/td>\n \n \n \n \n<\/tr>\n \n Deferred income tax<\/td>\n \n \n \n \n<\/tr>\n \n Other long-term liabilities<\/td>\n \n \n \n \n<\/tr>\n \n Total liabilities<\/b><\/td>\n \n \n \n \n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Equity<\/b><\/td>\n \n \n \n \n \n \n<\/tr>\n \n Share capital<\/td>\n \n \n \n \n<\/tr>\n \n Warrants<\/td>\n \n \n \n \n<\/tr>\n \n Contributed surplus<\/td>\n \n \n \n \n<\/tr>\n \n Retained earnings<\/td>\n \n \n \n \n<\/tr>\n \n Accumulated other comprehensive income<\/td>\n \n \n \n \n<\/tr>\n \n Total shareholders' equity<\/b><\/td>\n \n \n \n \n<\/tr>\n \n Non-controlling interests<\/td>\n \n \n \n \n<\/tr>\n \n Total equity<\/b><\/td>\n \n \n \n \n<\/tr>\n \n Total liabilities and equity<\/b><\/td>\n \n \n \n \n<\/tr>\n<\/table> \n
\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Jamieson Brands<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n<\/tr>\n \n \n \n \n \n \n \n \n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Revenue<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Gross profit<\/td>\n \n \n \n \n \n IT system implementation (2)<\/sup><\/td>\n \n \n \n \n \n Normalized gross profit<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Gross profit margin<\/td>\n \n \n \n \n \n Normalized gross profit margin<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Share-based compensation (1)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Selling, general and administrative expenses<\/td>\n \n \n \n \n \n IT system implementation (2)<\/sup><\/td>\n \n \n \n \n \n Legal and other (3)<\/sup><\/td>\n \n \n \n \n \n Donations (4)<\/sup><\/td>\n \n \n \n \n \n Normalized selling, general and administrative expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Earnings from operations<\/td>\n \n \n \n \n \n IT system implementation (2)<\/sup><\/td>\n \n \n \n \n \n Donations (4)<\/sup><\/td>\n \n \n \n \n \n Legal and other (3)<\/sup><\/td>\n \n \n \n \n \n Normalized earnings from operations<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Operating margin<\/b><\/td>\n \n \n \n \n \n Normalized operating margin<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Adjusted EBITDA<\/b><\/td>\n \n \n \n \n \n Adjusted EBITDA margin<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Strategic Partners<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n<\/tr>\n \n \n \n \n \n \n \n \n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Revenue<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Gross profit<\/td>\n \n \n \n \n \n IT system implementation (2)<\/sup><\/td>\n \n \n \n \n \n Normalized gross profit<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Gross profit margin<\/td>\n \n \n \n \n \n Normalized gross profit margin<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Selling, general and administrative expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Earnings from operations<\/td>\n \n \n \n \n \n IT system implementation (2)<\/sup><\/td>\n \n \n \n \n \n Normalized earnings from operations<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Operating margin<\/b><\/td>\n \n \n \n \n \n Normalized operating margin<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Adjusted EBITDA<\/b><\/td>\n \n \n \n \n \n Adjusted EBITDA margin<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table> \n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three months ended<\/b><\/td>\n<\/tr>\n \n \n \n March 31<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net earnings\/(loss):<\/b><\/td>\n \n \n \n Add:<\/td>\n \n \n \n \n<\/tr>\n \n Provision for\/(recovery of) income taxes<\/td>\n \n \n \n Interest expense and other financing costs<\/td>\n \n \n \n Accretion on preferred shares<\/td>\n \n \n \n Depreciation of property, plant, and equipment<\/td>\n \n \n \n Amortization of intangible assets<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Earnings before interest, taxes, depreciation, and amortization (EBITDA)<\/b><\/td>\n \n \n \n Share-based compensation (1)<\/sup><\/td>\n \n \n \n Foreign exchange loss\/(gain)<\/td>\n \n \n \n IT system implementation (2)<\/sup><\/td>\n \n \n \n Donations (3)<\/sup><\/td>\n \n \n \n Legal and other (4)<\/sup><\/td>\n \n \n \n Adjusted EBITDA<\/b><\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Provision for\/(recovery of) income taxes<\/td>\n \n \n \n Interest expense and other financing costs<\/td>\n \n \n \n Depreciation of property, plant, and equipment<\/td>\n \n \n \n Amortization of intangible assets<\/td>\n \n \n \n Share-based compensation (1)<\/sup><\/td>\n \n \n \n Tax deduction from vesting of certain share-based awards<\/td>\n \n \n \n Tax effect of normalization adjustments<\/td>\n \n \n \n Adjusted net earnings<\/b><\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three months ended<\/b><\/td>\n<\/tr>\n \n \n \n March 31<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Gross profit<\/b><\/td>\n \n \n \n IT system implementation (2)<\/sup><\/td>\n \n \n \n Normalized gross profit<\/b><\/td>\n \n \n \n Normalized gross profit margin<\/b><\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Selling, general and administrative expenses<\/b><\/td>\n \n \n \n IT system implementation (2)<\/sup><\/td>\n \n \n \n Donations (3)<\/sup><\/td>\n \n \n \n Legal and other (4)<\/sup><\/td>\n \n \n \n Normalized selling, general and administrative expenses<\/b><\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Earnings from operations<\/b><\/td>\n \n \n \n IT system implementation (2)<\/sup><\/td>\n \n \n \n Donations (3)<\/sup><\/td>\n \n \n \n Legal and other (4)<\/sup><\/td>\n \n \n \n Normalized earnings from operations<\/b><\/td>\n \n \n \n Normalized operating margin<\/b><\/td>\n \n \n \n
\n \n \n \n