Core Insights - The company anticipates continued growth in 2026, driven by strong performance in China and digital investments positively impacting physical retail [1][4] - China is highlighted as a significant growth driver, with revenue increasing over 56% for the full year, significantly outpacing the broader VMS market [2][7] - The company reported nearly 16% growth in its branded business and 12% consolidated revenue growth for 2025, with a strong outlook for 2026 targeting revenue above CAD 900 million [3][4] Financial Performance - Fiscal 2025 results showed consolidated revenue up about 12%, with Jamieson Brands rising 17% in Q4 [7][10] - Q4 consolidated revenue increased 13.4% to CAD 277.7 million, driven by Jamieson Brands growth [10][11] - SG&A expenses rose 20% in Q4, reflecting investments in performance marketing and global infrastructure [12] Growth Projections - Management guided for 2026 consolidated revenue of CAD 895–935 million, with Adjusted EBITDA of CAD 174–181 million and adjusted EPS of CAD 2.08–2.21 [6][18][21] - Regional growth expectations include 20–30% in China, mid-teens in the U.S., and 4–6% in Canada [28] Strategic Initiatives - The company is focusing on innovation and has successfully implemented a new SAP system to support operations [22] - There is ongoing interest in M&A, particularly targeting scaled quality brands in the U.S. with digital expertise [24] - The company emphasizes the importance of the VMS category, which continues to grow despite inflationary pressures [23]