High Liner Foods sees hike in sales, net income and gross profit

High Liner Foods Incorporated, a North American frozen seafood company, announced Wednesday financial results for the thirteen and thirty-nine weeks ended October 3, 2026.

“We made progress on both the top and bottom line in the third quarter, received strong customer response to our innovation, and experienced resilient demand despite continued inflationary pressures,” said Paul Jewer, President and Chief Executive Officer of High Liner Foods. “Importantly, Adjusted EBITDA increased year over year, excluding tariff recoveries, reflecting our disciplined approach to pricing and promotions and continued focus on operational efficiency.”

“We are encouraged by the progress we are making across our business and excited about the opportunity ahead. Combining our trusted brands, innovation and customer relationships with Umios’ global resources and scale will position us to accelerate growth and drive seafood consumption across North America.”

Recently it was reported that High Liner Foods had agreed to be acquired by Japanese seafood company Umios Corp. in an all-cash deal valued at approximately $1.25 billion, with the Nova Scotia company’s headquarters, workforce and operations expected to remain in place.

Umios will acquire all outstanding common shares of High Liner Foods for $27 per share in cash, subject to shareholder, court and regulatory approvals. The offer represents a 79 per cent premium to High Liner Foods’ closing share price on Oct. 23 and an 86 per cent premium to its 20-day volume-weighted average price.

The transaction values High Liner Foods at approximately $804 million on a fully diluted equity basis and $1.25 billion on an enterprise value basis. The acquisition is fully financed and is not subject to a financing condition. High Liner Foods will repay its outstanding credit facilities when the transaction closes.

Key financial results, reported in U.S. dollars (“USD”), for the 13 weeks ended October 3, 2026, or the third quarter of 2026, are as follows (unless otherwise noted, all comparisons are relative to the third quarter of 2025):

Adjusted EBITDA increased by $26.3 million, or 173.0%, to $41.5 million compared to $15.2 million, and Adjusted EBITDA as a percentage of sales increased to 14.4% compared to 6.1%;
Sales volume increased by 3.3 million pounds, or 5.9%, to 59.1 million pounds compared to 55.8 million pounds, while sales increased by $39.4 million, or 15.8%, to $288.0 million compared to $248.6 million;
Net income increased by $21.8 million, or 454.2%, to $26.6 million compared to $4.8 million, and diluted earnings per share (“EPS”) increased to $0.93 per share compared to $0.16 per share;
Adjusted Net income increased by $15.6 million, or 380.5%, to $19.7 million compared to $4.1 million and Adjusted Diluted EPSincreased to $0.69 per share from $0.14 in 2025;
Gross profit increased by $25.6 million, or 55.3%, to $71.9 million compared to $46.3 million, and gross profit as a percentage of sales increased to 25.0% compared to 18.6%, Gross profit was impacted by tariff recoveries ; and
Net Debt to Rolling fifty-three weeks Adjusted EBITDA was 3.1x at October 3, 2026 compared to 3.5x at the end of Fiscal 2025 and 2.3x at end of Fiscal 2024.

Key financial results, reported in U.S. dollars (“USD”), for the 39 weeks ended October 3, 2026, or Fiscal 2026, are as follows (unless otherwise noted, all comparisons are relative to the 39 weeks ended September 27, 2025, or “Fiscal 2025”):

Adjusted EBITDAincreased by $28.5 million, or 39.3%, to $101.0 million compared to $72.5 million, and Adjusted EBITDA as a percentage of sales increased to 11.3% compared to 9.6%;
Sales volume increased by 12.5 million pounds, or 7.1%, to 189.1 million pounds compared to 176.6 million pounds and sales increased by $135.5 million, or 17.9%, to $892.2 million compared to $756.7 million;
Net income increased by $11.2 million, or 39.3%, to $39.7 million compared to $28.5 million and diluted earnings per share (“EPS”) increased to $1.38 per share compared to $0.95 per share;
Adjusted Net income increased by $11.8 million, or 36.8%, to $43.9 million compared to $32.1 million and Adjusted Diluted EPS increased to $1.52 per share compared to $1.07 per share; and
Gross profit increased by $25.5 million, or 15.6%, to $188.6 million compared to $163.1 million, while gross profit as a percentage of sales decreased to 21.1% compared to 21.6%, Gross profit was impacted by an inventory loss and tariff recoveries.

“We are maintaining momentum across the business and remain focused on disciplined execution to continue to offset the impact of inflationary market conditions and capitalize on the long-term growth opportunity in the North American seafood market,” Jewer said. “We continue to expect to deliver year-over-year Adjusted EBITDA growth in 2026, independent of any tariff recoveries.”