High Liner Foods Incorporated, a leading North American value-added frozen seafood company, recently announced financial results for the 14 and 53 weeks ended January 3, 2026.
“We delivered sales and volume growth in the fourth quarter and made progress across our business towards improved profitability in what remains a challenging environment,” said Paul Jewer, President and Chief Executive Officer of High Liner Foods.
“While margins remained constrained in our fourth quarter results, we advanced margin improvement initiatives and saw underlying momentum improve as we exited the quarter. As we head into the important Lenten period, we are well positioned to drive profitable sales growth, supported by our ongoing focus on continuous improvement, including plant efficiencies, and disciplined execution.”
Key financial results, reported in USD, for Q4:
- Adjusted EBITDA decreased by $4.5 million, or 18.9%, to $19.3 million compared to $23.8 million, and Adjusted EBITDA as a percentage of sales decreased to 7.1% compared to 10.1%;
- Sales volume increased by 0.9 million pounds, or 1.5%, to 61.3 million pounds compared to 60.4 million pounds, while sales increased by $35.2 million, or 15.0%, to $270.2 million compared to $235.0 million;
- Net income increased by $2.1 million, or 35.6%, to $8.0 million compared to $5.9 million, and diluted earnings per share (“EPS”) increased to $0.27 per share compared to $0.20 per share;
- Adjusted Net income decreased by $9.8 million, or 78.4%, to $2.7 million compared to $12.5 million and Adjusted Diluted EPS decreased to $0.09 per share from $0.41 in 2024;
- Gross profit decreased by $1.3 million, or 2.5%, to $49.7 million compared to $51.0 million, and gross profit as a percentage of sales decreased to 18.4% compared to 21.7%; and
- Net Debt to Rolling fifty-two weeks Adjusted EBITDA was 3.5x at January 3, 2026 compared to 2.3x at the end of Fiscal 2024 and 2.6x at end of Fiscal 2023.
Key financial results, reported in U.S. dollars, for the year:
- Adjusted EBITDA decreased by $11.6 million, or 11.2%, to $91.7 million compared to $103.3 million, and Adjusted EBITDA as a percentage of sales decreased to 8.9% compared to 10.8%;
- Sales volume increased by 2.1 million pounds, or 0.9%, to 237.9 million pounds compared to 235.8 million pounds and sales increased by $67.7 million, or 7.1%, to $1,026.9 million compared to $959.2 million;
- Net income decreased by $23.6 million, or 39.2%, to $36.6 million compared to $60.2 million and diluted earnings per share (“EPS”) decreased to $1.22 per share compared to $1.89 per share;
- Adjusted Net income decreased by $13.2 million, or 27.5%, to $34.8 million compared to $48.0 million and Adjusted Diluted EPS decreased to $1.17 per share compared to $1.51 per share; and
- Gross profit decreased by $4.5 million, or 2.1%, to $212.8 million compared to $217.3 million, while gross profit as a percentage of sales decreased to 20.7% compared to 22.7%.
“As we look ahead to 2026, we remain focused on driving sustainable margin improvement and leveraging the investments we have made in new product innovation and brands to support profitable growth,” said Jewer.
“With disciplined margin management, cost reductions, and targeted supply chain efficiency initiatives, we are confident in our ability to offset higher raw material costs and tariffs. We are seeing profitability improve and expect that to continue over the course of the year. Overall, despite continued pressures on our business from macro headwinds, we remain confident in our ability to deliver year over year adjusted EBITDA growth, starting in the first quarter of 2026.
“My conviction in the strong underlying fundamentals of our business and outlook is supported by our steady execution and the continuous innovation, which includes our newly launched fully cooked seafood line that provides customers with responsibly sourced, easy to execute, delicious mealtime solutions. These products, as well as the exciting new innovation offerings we have in the pipeline, present opportunities to expand the category and encourage greater North American seafood consumption. Our balanced approach to capital allocation, along with the recently oversubscribed incremental addition to our term loan and the extension of our ABL (asset based lending), further strengthens our financial flexibility and demonstrates strong confidence in our overall strategy.”
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