High Liner Foods Inc (HLF)

High Liner Foods Shareholders Approval All Matters at Annual General MeetingMay 14, 2026 1:37 PM
PR Newswire (Canada) HALIFAX, NS, May 14, 2026 /CNW/ - High Liner Foods Incorporated (TSX: HLF) ("High Liner Foods" or "the Company"), a leading North American value-added frozen seafood company, reports that all nominees in the Company's Management Information Circular dated March 24, 2026 were elected as directors of the Company at the Annual General Meeting of shareholders held on May 13, 2026. In addition, PricewaterhouseCoopers LLP was appointed as the Company's auditor and shareholders also approved the advisory resolution on executive compensation.The detailed results of the votes received for each director were as follows:Directors                       % of Shares Voted For% of Shares Voted Withheld
Scott Brison 99.84 %0.16 %


Joan Chow 99.18 %0.82 %


Robert Dexter 97.03 %2.97 %


Andrew Hennigar 99.87 %0.13 %


David Hennigar 88.69 %11.31 %


Paul Jewer95.88 %4.12 %


Pamela Kohn98.16 %1.84 %


M. Jolene Mahody 98.29 %1.71 %


R. Andy Miller 97.51 %2.49 %


Robert Pace 97.31 %2.69 %


About High Liner Foods IncorporatedHigh Liner Foods Incorporated is a leading North American processor and marketer of value-added frozen seafood. High Liner Foods' retail branded products are sold throughout the United States and Canada under the High Liner, Fisher Boy, Mirabel, Sea Cuisine, Catch of the Day, Mrs. Paul's and Van de Kamp's labels, and are available in most grocery and club stores. The Company also sells branded products to restaurants and institutions under the High Liner, Mirabel, Icelandic Seafood and FPI labels and is a major supplier of private label value-added seafood products to North American food retailers and foodservice distributors. High Liner Foods is a publicly traded Canadian company, trading under the symbol HLF on the Toronto Stock Exchange.For further information about the Company, please visit our website at www.highlinerfoods.com or send an e-mail to investor@highlinerfoods.com.SOURCE High Liner Foods Incorporated Original: High Liner Foods Shareholders Approval All Matters at Annual General Meeting

HIGH LINER FOODS REPORTS OPERATING RESULTS FOR THE FIRST QUARTER OF 2026May 13, 2026 5:05 PM
PR Newswire (Canada) LUNENBURG, NS, May 13, 2026 /CNW/ - High Liner Foods Incorporated (TSX: HLF) ("High Liner Foods" or "the Company"), a leading North American value-added frozen seafood company, today announced financial results for the thirteen weeks ended April 4, 2026."We experienced strong demand and top-line growth in the first quarter, supported by the timing of the Lenten period and enhanced promotional activity," said Paul Jewer, President and Chief Executive Officer of High Liner Foods. "However, global supply limitations—particularly in key whitefish species—and challenges with fully  passing through higher costs during the Lenten period put pressure on margins and plant performance, impacting our bottom line.""We are strengthening our execution, with a focus on continued pricing and cost management, refining our promotional strategy and delivering plant efficiencies. This approach will position the business for improved profitability for the balance of the year, as we manage ongoing market pressures."Key financial results, reported in U.S. dollars ("USD"), for the thirteen weeks ended April 4, 2026, or the first quarter of 2026, are as follows (unless otherwise noted, all comparisons are relative to the first quarter of 2025): Adjusted EBITDA(1) decreased by $2.8 million, or 8.7%, to $29.3 million compared to $32.1 million, and Adjusted EBITDA as a percentage of sales decreased to 8.7% compared to 12.0%;Sales volume increased by 7.0 million pounds, or 10.6%, to 73.0 million pounds compared to 66.0 million pounds, while sales increased by $66.5 million, or 24.8%, to $334.9 million compared to $268.4 million;Net income decreased by $7.3 million, or 47.7%, to $8.0 million compared to $15.3 million, and diluted earnings per share ("EPS") decreased to $0.27 per share compared to $0.51 per share;Adjusted Net income(1) decreased by $5.2 million, or 31.3%, to $11.4 million compared to $16.6 million and Adjusted Diluted EPS(1) decreased to $0.39 per share from $0.55 in 2025;Gross profit increased by $3.1 million, or 4.9%, to $66.6 million compared to $63.5 million, and gross profit as a percentage of sales decreased to 19.9% compared to 23.7%; andNet Debt(1) to Rolling fifty-three weeks Adjusted EBITDA(1) was 3.6x at April 4, 2026 compared to 3.5x at the end of Fiscal 2025 and 2.3x at end of Fiscal 2024.(1) These are non-IFRS financial measures. For more information on non-IFRS financial measures, see "Non-IFRS Measures" below and see "Non-IFRS Financial Measures" in our First Quarter 2026 Management's Discussion and Analysis ("1Q2026 MD&A").Financial Results and Operational UpdateFor the purpose of presenting the Consolidated Financial Statements in USD, CAD-denominated assets and liabilities in the Company's operations are converted using the exchange rate at the reporting date, and revenue and expenses are converted at the average exchange rate of the month in which the transaction occurs. As such, foreign currency fluctuations affect the reported values of individual lines on our balance sheet and income statement. When the USD strengthens (weakening CAD), the reported USD values of the Parent's CAD-denominated items decrease in the Consolidated Financial Statements, and the opposite occurs when the USD weakens (strengthening CAD).Investors are reminded for purposes of calculating financial ratios, including dividend payout and share price-to-earnings ratios, to take into consideration that the Company's share price and dividend rate are reported in CAD and its earnings, EPS and financial statements are reported in USD.The financial results in USD for the thirteen weeks ended April 4, 2026 and March 29, 2025 are summarized in the following table:

Thirteen weeks ended
(Amounts in 000s, except per share amounts, unless otherwise noted)
April 4,
2026
March 29,
2025
Sales volume (millions of lbs)
73.0
66.0
Average foreign exchange rate (USD/CAD)
1.3725
1.4349
Sales
$    334,917
$   268,436
Gross profit
$      66,569
$     63,500
Gross profit as a percentage of sales
19.9 %
23.7 %
Adjusted EBITDA
$      29,257
$     32,147
Adjusted EBITDA as a percentage of sales
8.7 %
12.0 %
Net income
$        7,963
$     15,295
Diluted EPS
$          0.27
$         0.51
Adjusted Net Income
$      11,435
$     16,554
Adjusted Diluted EPS
$          0.39
$         0.55
Diluted weighted average number of shares outstanding
29,134
30,263
Sales volume for the thirteen weeks ended April 4, 2026, or the first quarter of 2026, increased by 7.0 million pounds, or 10.6%, to 73.0 million pounds compared to 66.0 million pounds in the thirteen weeks ended March 29, 2025, due to the timing of the Lenten period, additional contract manufacturing business and the volume growth associated with the United States Department of Agriculture ("USDA") contract. Retail volume was also higher due to the incremental volume associated with the newly acquired brands from Conagra Brands, (Refer to Company Overview in the 1Q26 MD&A) as well as the Company's targeted approach to value-driven promotions and innovations, and strong demand for High Liner Foods' diversified product portfolio.Sales in the first quarter of 2026 increased by $66.5 million, or 24.8%, to $334.9 million compared to $268.4 million in the same period in 2025, driven both by the increase in volume as well as increased pricing reflecting inflationary markets.Gross profit in the first quarter of 2026 increased by $3.1 million to $66.6 million compared to $63.5 million in the same period in 2025. Gross profit as a percentage of sales decreased by 380 basis points to 19.9% compared to 23.7%. The increase in gross profit is driven by the increase in sales volume previously mentioned. This was offset by higher raw material costs including tariffs on select species, elevated promotional activity, unfavourable product mix, and supply chain challenges due to limited availability of supply, particularly in the Company's key whitefish species, which is reflected in the decline in gross profit as a percentage of sales.Adjusted EBITDA in the first quarter of 2026 decreased by $2.8 million to $29.3 million compared to $32.1 million in the same period in 2025 and Adjusted EBITDA as a percentage of sales decreased to 8.7% compared to 12.0%. The decrease in Adjusted EBITDA reflects the increase in gross profit previously mentioned offset by increased distribution and SG&A expenses.Distribution expenses, consisting of freight and storage, increased in the first quarter of 2026 by $4.2 million to $16.7 million compared to $12.5 million in the same period in the prior year. The increase in distribution expenses was mainly due to increased freight costs incurred on the sales associated with the newly acquired brands from Conagra Brands and incremental retail distribution. Increased storage costs from higher levels of inventory, due to the newly acquired brands from Conagra Brands and to support strategic purchasing at the beginning of the quarter, also contributed to the overall increase.  Reported net income in the first quarter of 2026 decreased by $7.3 million to net income of $8.0 million (diluted EPS of $0.27) compared to $15.3 million (diluted EPS of $0.51) in the same period in 2025. The decrease in net income reflects expenses related to the recent restructuring efforts the Company undertook to align its cost structure with current market conditions, as well as the decrease in Adjusted EBITDA previously mentioned.Reported net income in the first quarter of 2026 and 2025 included certain non-routine expenses classified as "business acquisition, integration and other expense." Excluding the impact of these non-routine items or other non-cash expenses and share-based compensation, Adjusted Net Income in the first quarter of 2026 decreased by $5.2 million, or 31.3%, to $11.4 million compared to $16.6 million in the same period in the prior year. Adjusted Diluted EPS decreased to $0.39 from $0.55 in 2025.Net cash flows provided by (used in) operating activities in the first quarter of 2026 increased by $35.6 million to an inflow of $25.0 million compared to an outflow of $10.6 million in the same period in 2025. The increase is primarily driven by changes in non-cash working capital balances, specifically lower inventory and the collection of accounts receivable in relation to the earlier timing of the Lenten period in 2026 compared to 2025. Capital expenditures were $5.5 million in the first quarter of 2026 compared to $3.1 million in the prior year.Net Debt decreased by $4.4 million to $318.0 million at April 4, 2026 compared to $322.4 million at January 3, 2026, reflecting higher cash balances, partially offset with increased bank loans and lease liabilities.Net Debt to Rolling Twelve-Month Adjusted EBITDA was 3.6x at April 4, 2026 compared to 3.5x at the end of Fiscal 2025 and 2.3x at December 28, 2024.  We expect the ratio to improve throughout the year and be slightly above the Company's long-term target of 3.0x at the end of Fiscal 2026.IEEPA Tariff  RefundsOn February 20, 2026, the U.S. Supreme Court issued its decision concluding that tariffs imposed by the U.S. President under the International Emergency Economic Powers Act ("IEEPA") were unlawful. Following this decision, the U.S. Court of International Trade ordered U.S. Customs and Border Protection ("CBP") to refund qualifying IEEPA tariffs previously collected.In April 2026, CBP launched a phased administrative process within its Automated Commercial Environment, referred to as the Consolidated Administration and Processing of Entries ("CAPE"), to submit claims for refund of IEEPA tariffs. Refunds are not automatic and are subject to procedural requirements, eligibility limitations and processing timelines established by CBP. The refund process is expected to occur in multiple phases and may take several months to complete.The Company has begun filing refund claims under the CAPE process and is continuing to assess the eligibility of its historical U.S. import activity for potential refunds. The Company paid approximately $41.3 million in IEEPA related tariffs during the period in which such IEEPA tariffs were in effect. While potential refunds could be significant, no amounts have been recognized in these financial statements in respect of potential IEEPA tariff refunds, as any recovery remains subject to uncertainty regarding claim acceptance, retention, timing and final determination by CBP. Any recoveries, if realized, would be recognized in results in the period received.There can be no assurance that refund claims submitted by the Company will be accepted in whole or in part, or as to the timing of any refunds. The refund process is subject to administrative capacity constraints, compliance review, evolving judicial guidance, and potential further governmental or policy developments, any of which could delay, limit or preclude recovery.Outlook "We are well positioned to drive improved performance supported by our market leadership, ongoing innovation, margin improvement initiatives and strong balance sheet," Mr. Jewer added. "The actions we are taking to strengthen our execution, combined with the diversity of our portfolio across species and channels, position us to optimize our value proposition in an inflationary and competitive environment where raw material costs are expected to remain elevated. We expect our performance to improve as these actions take hold, with the full benefits of our improvement initiatives becoming more evident in the second half of the year, resulting in higher year-over-year Adjusted EBITDA in 2026 compared to 2025."High Liner Foods' performance expectations are based on current forecasts exclusive of the potential IEEPA tariff refunds,  and are subject to broader macroeconomic conditions, including the impact of ongoing geopolitical uncertainty and increased fuel prices.DividendToday, the Company's Board of Directors approved a quarterly dividend of CAD $0.175 per share on the Company's common shares, payable on June 15, 2026 to holders of record on June 1, 2026. These dividends are considered "eligible dividends" for Canadian income tax purposes.Conference CallThe Company will host a conference call on Thursday, May 14, 2026, at 10:00 a.m. ET (11:00 a.m. AT) during which Paul Jewer, Chief Executive Officer, Kimberly Stephens, Chief Financial Officer and Anthony Rasetta, Chief Commercial Officer, will discuss the financial results for the first quarter of 2026. To access the conference call by telephone, dial 1-416-945-7677 or 1-888-699-1199. Please connect approximately 10 minutes prior to the beginning of the call to ensure participation. The conference call will be archived for replay by telephone until Sunday, June 14, 2026 at midnight (ET). To access the archived conference call, dial 1-888-660-6345 and enter the replay entry code 31629#.A live audio webcast of the conference call will be available at www.highlinerfoods.com. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast.The Company's Unaudited Condensed Interim Consolidated Financial Statements and MD&A as at and for the thirteen weeks ended April 4, 2026 were filed concurrently on SEDAR+ with this news release and are also available at www.highlinerfoods.com.Non-IFRS MeasuresThe Company reports its financial results in accordance with International Financial Reporting Standards ("IFRS"). Included in this media release are the following non-IFRS financial measures: Adjusted EBITDA, Adjusted EBITDA as a Percentage of Net Sales, Adjusted Net Income, Adjusted Diluted EPS, Net Debt and Net Debt to Rolling fifty-three weeks Adjusted EBITDA. The Company believes these non-IFRS financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the Company for the reasons outlined below. These measures do not have any standardized meaning as prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS.Adjusted EBITDA and Adjusted EBITDA as a Percentage of SalesAdjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization adjusted for items that are not considered representative of ongoing operational activities of the business. The related margin, Adjusted EBITDA as a Percentage of Sales, is defined as Adjusted EBITDA divided by net sales, where net sales is defined as "Sales" in the  condensed consolidated statements of income.We use Adjusted EBITDA (and Adjusted EBITDA as a percentage of sales) as a performance measure as it approximates cash generated from operations before capital expenditures and changes in working capital, and it excludes the impact of expenses and recoveries associated with certain non-routine items that are not considered representative of the ongoing operational activities, as discussed above, and share-based compensation expense related to the Company's share price. We believe investors and analysts also use Adjusted EBITDA (and Adjusted EBITDA as a percentage of sales) to evaluate the performance of our business. The most directly comparable IFRS  measure to Adjusted EBITDA is "Net income" on the consolidated statements of income. Adjusted EBITDA is also useful when comparing to other companies, as it eliminates the differences in earnings that are due to how a company is financed. Also, for the purpose of certain covenants on our credit facilities, "EBITDA" is based on Adjusted EBITDA, with further adjustments as defined in the Company's credit agreements.The following table reconciles Adjusted EBITDA with measures in our Consolidated Financial Statements and calculates Adjusted EBITDA as a Percentage of Sales.



Thirteen weeks ended(Amounts in $000s)
April 4, 2026
March 29, 2025Net income
$                     7,963
$                    15,295Add back:



Depreciation and amortization expense
6,498
6,047Finance costs
7,340
4,702Income tax expense
2,896
4,394Standardized EBITDA
24,697
30,438Add back (deduct):



Business acquisition, integration and other expenses
3,489
123Gain on disposal of assets
(145)
(2)Share-based compensation expense
1,216
1,588Adjusted EBITDA
$                    29,257
$                    32,147Sales
$                  334,917
$                  268,436Adjusted EBITDA as Percentage of Sales
8.7 %
12.0 %Rolling fifty-three weeks Adjusted EBITDA

Rolling fifty-three weeks ended(Amounts in $000s)
April 4,
2026
January 3,
2026
March 29,
2025Net income
$          29,225
$          36,557
$          58,861Add back:





Depreciation and amortization expense
24,919
24,466
23,428Finance costs(1)
19,391
16,753
7,304Income tax expense
5,629
7,127
12,680Standardized EBITDA
79,164
84,903
102,273Add back (deduct):





Business acquisition, integration and other expenses (income)(2)
6,463
3,099
(9,097)Loss on disposal of assets
271
414
762Share-based compensation expense
2,920
3,292
7,308Rolling fifty-three weeks Adjusted EBITDA(3)
$          88,818
$          91,708
$         101,246(1) Finance costs for the rolling fifty-three weeks ended April 4, 2026 and January 3, 2026 include a $6.5 million gain on the modification of debt related to the debt refinancing completed in December 2025.  Finance costs for the rolling fifty-two weeks ended March 29, 2025 include a gain of $12.7 million on the modification of debt related to the debt refinancing completed in July 2024.(2) Business acquisition, integration and other expenses (income) for the rolling fifty-two weeks ended March 29, 2025 includes a gain of $9.8 million relating to the shares reacquired in result of the litigation settlement reached between High Liner Foods and the former shareholders of Rubicon.(3) For March 29, 2025 this represents rolling fifty-two weeks Adjusted EBITDA.Adjusted Net Income and Adjusted Diluted EPSAdjusted Net Income is net income adjusted for the after-tax impact of items which are not representative of ongoing operational activities of the business and certain non-cash expenses or income. Adjusted Diluted EPS is Adjusted Net Income divided by the average diluted number of shares outstanding.We use Adjusted Net Income and Adjusted Diluted EPS to assess the performance of our business without the effects of the above-mentioned items, and we believe our investors and analysts also use these measures. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance.  The most comparable IFRS financial measures are net income and EPS.The table below reconciles our Adjusted Net Income with measures that are found in our Consolidated Financial Statements and calculates Adjusted Diluted EPS.

Thirteen weeks ended
Thirteen weeks ended

April 4, 2026
March 29, 2025

$000s
Adjusted Diluted EPS
$000s
Adjusted Diluted EPSNet income
$           7,963
$            0.27
$         15,295
$            0.51Add back (deduct):







Business acquisition, integration and other (income) expenses
3,489
0.12
123
—Share-based compensation expense
1,216
0.04
1,588
0.05Tax impact of reconciling items
(1,233)
(0.04)
(452)
(0.01)Adjusted Net Income
$         11,435
$            0.39
$         16,554
$            0.55Average shares for the period (000s)


29,134


30,263Net Debt and Net Debt to Rolling fifty-three weeks Adjusted EBITDANet Debt is calculated as the sum of bank loans, long-term debt (excluding deferred finance costs and modification gains/losses) and lease liabilities, less cash.We consider Net Debt to be an important indicator of our Company's financial leverage because it represents the amount of debt that is not covered by available cash. We believe investors and analysts use Net Debt to determine the Company's financial leverage. Net Debt has no comparable IFRS financial measure, but rather is calculated using several asset and liability items in the condensed consolidated statements of financial position.Net Debt to Rolling fifty-three weeks Adjusted EBITDA is calculated as Net Debt divided by Rolling fifty-three weeks Adjusted EBITDA (see above). We consider Net Debt to Rolling fifty-three weeks Adjusted EBITDA to be an important indicator of our ability to generate sufficient earnings to service our debt, that enhances understanding of our financial performance, and highlights operational trends. This measure is widely used by investors and rating agencies in the valuation, comparison, rating and investment recommendations of companies; however, the calculations of Adjusted EBITDA may not be comparable to those of other companies, which limits their usefulness as comparative measures.The following table reconciles Net Debt to IFRS measures reported as at the end of the indicated periods in the consolidated statements of financial position and calculates Net Debt to Rolling fifty-three weeks Adjusted EBITDA.(Amounts in $000s)
April 4,
2026
January 3,
2026Bank loans
$         34,454
24,321Add-back: Deferred finance costs included in bank loans (1)
575
758Total bank loans
35,029
25,079Long-term debt
258,092
258,989Current portion of long-term debt
7,548
7,548Add-back: Deferred finance costs included in long-term debt (2)
7,650
7,861Net gain on modification of debt (3)
15,436
16,214Total term loan debt
288,726
290,612Long-term portion of lease liabilities
5,800
2,887Current portion of lease liabilities
4,122
4,353Total lease liabilities
9,922
7,240Less: Cash
(15,654)
(492)Net Debt
$        318,023
$      322,439Rolling fifty-three week Adjusted EBITDA
$         88,818
$        91,708Net Debt to Rolling fifty-three week Adjusted EBITDA
              3.6x 
             3.5x (1) Represents deferred finance costs that are included in "Bank loans" in the condensed consolidated statements of financial position. See Note 3 to the Condensed Consolidated Financial Statements.(2) Represents deferred finance costs that are included in "Long-term debt" in the condensed consolidated statements of financial position. See Note 4 to the Condensed Consolidated Financial Statements.(3) The net gain on modification of debt has been excluded from the calculation of Net Debt as it does not represent the expected cash outflows from the term loan facility. See Note 4 to the Condensed Consolidated Financial Statements.Forward Looking StatementsCertain statements contained in this press release constitute "forward-looking information" under applicable securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "may", "would", "could", "will", "should", "expect", "expects", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", "pursue", "continue", "seek", or the negative of these terms or other similar expressions concerning matters that are not historical facts. Specific forward-looking statements in this press release include, but are not limited to, statements regarding, investments by the Company in certain brands and new product innovation and the anticipated benefits from such investments, new product lines, including the introduction of a line of fully cooked products, capital allocation plans, margin and cost management initiatives, plant performance and supply chain efficiency initiatives, pricing actions, promotional strategies, availability and cost of raw materials, the ability of the Company to offset higher raw material costs and tariffs, anticipated demand for the Company's products, Company dividends and the timing for payment thereof, the future financial and operating performance of the Company, including margin and growth in Adjusted EBITDA, expected leverage levels and expected Net Debt to Adjusted EBITDA, mergers and acquisitions and other investment and growth strategies; the markets and industries in which the Company operates, imposed and threatened tariffs, potential refunds on tariffs, and the impact, timing and resolution thereof, inflation and the geopolitical and macroeconomic environment, fuel prices, product innovation and distribution, consumer preferences and purchasing decisions, growth in alternative species and other diversification of products and the Company's supply chain, and the business strategies and operational activities of the Company. Forward-looking statements are based on information currently available and estimates, expectations and assumptions that are believed to be reasonable as of the date of this press release, but may prove to be incorrect. In addition to any other factors and assumptions set forth in this press release, the material factors and assumptions used to develop the forward-looking information include, but are not limited to: availability, demand and prices of raw materials, energy and supplies; the ability of the Company to mitigate the impacts of tariffs; risks related to expectations with regards to sales volume, earnings, product margins, product innovations, brand development and anticipated financial performance; the ability to develop new and innovative products that result in increased sales and market share; the maintenance of existing customer and supplier relationships; manufacturing facility efficiency; the ability of the Company to reduce operating and supply chain costs; the condition of the Canadian and American economies; product pricing; foreign exchange rates, especially the rate of exchange of the CAD to the USD; the ability to attract and retain customers; operating costs and improvement to operating efficiencies; interest rates; continued access to capital; the competitive environment and related market conditions; and the general assumption that none of the risks identified below or elsewhere in this document will materialize.Forward-looking information is inherently subject to risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A number of known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, could cause actual events, performance, or results to differ materially from what is projected in the forward-looking statements in this press release. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to: compliance with food safety laws and regulations; timely identification of and response to events that could lead to a product recall; volatility in the CAD/USD exchange rate; competitive developments including increases in overseas seafood production and industry consolidation; ability to import seafood into North America while adhering to updated government sanctions; ability to adapt to regulatory changes and increase flexibility on seafood substitutions in certain products with customers; availability and price of seafood raw materials and finished goods and the impact of geopolitical events (and related economic sanctions) on the same; tariffs, trade wars and other trade barriers (including in the U.S. and Canada) and the associated impacts, including on certain seafood products and other supplies; costs of commodity products, freight, storage and other production inputs, and the ability to pass on cost increases; successful integration of acquired operations and other acquisition-related risk; potential increases in maintenance and operating costs; shifts in market demands for seafood; performance of new products launched and existing products in the market place; changes in laws and regulations, including environmental, taxation and regulatory requirements; technology changes with respect to production and other equipment and software programs; enterprise resource planning system risk; adverse impacts of cybersecurity attacks or breach of sensitive information; supplier fulfillment of contractual agreements and obligations; competitor reactions; completion and/or advancement of sustainability initiatives, including, without limitation, initiatives relating to the carbon workplan, waste reduction and/or seafood sustainability and traceability initiatives; High Liner Foods' ability to generate adequate cash flow or to finance its future business requirements through outside sources; credit risk associated with receivables from customers; volatility associated with the funding status of the Company's post-retirement pension benefits; adverse weather conditions and natural disasters; the availability of adequate levels of insurance; management retention and development; economic and geopolitical conditions such as Russia's invasion of Ukraine and the implementation and/or expansion of related sanctions; and the potential impact of a pandemic outbreak of a contagious illness, on general economic and business conditions and therefore the Company's operations and financial performance; and other factors discussed in materials filed with applicable securities regulatory authorities from time to time including matters discussed under the Risk Factors sections of our most recent annual MD&A and Annual Information Form, all filed with the securities regulatory authorities in Canada and available under the Company's profile on SEDAR+ (www.sedarplus.ca). There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Undue reliance should not be placed on these forward-looking statements, which are made only as of the date hereof, and the Company does not undertake to update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise, except as may be required by applicable law. About High Liner Foods IncorporatedHigh Liner Foods Incorporated is a leading North American processor and marketer of value-added frozen seafood. High Liner Foods' retail branded products are sold throughout the United States and Canada under the High Liner, Fisher Boy, Mirabel, Sea Cuisine, and Catch of the Day labels, and are available in most grocery and club stores. Most recently, the Company acquired Mrs. Paul's® and Van de Kamp's® frozen seafood brands from Conagra Brands, Inc. The Company also sells branded products to restaurants and institutions under the High Liner, Mirabel, Icelandic Seafood and FPI labels and is a major supplier of private label value-added seafood products to North American food retailers and foodservice distributors. High Liner Foods is a publicly traded Canadian company, trading under the symbol HLF on the Toronto Stock Exchange.For further information about the Company, please visit our website at www.highlinerfoods.com or send an e-mail to investor@highlinerfoods.com. SOURCE High Liner Foods Incorporated Original: HIGH LINER FOODS REPORTS OPERATING RESULTS FOR THE FIRST QUARTER OF 2026

High Liner Foods Q1 2026 Earnings Conference Call Scheduled for Thursday, May 14, 2026 at 10:00 A.M. (ET)April 29, 2026 10:30 AM
PR Newswire (Canada)

LUNENBURG, NS, April 29, 2026 /CNW/ - High Liner Foods Incorporated (TSX: HLF) ("High Liner Foods" or "the Company") today announced that its 2026 first quarter earnings will be released on Wednesday, May 13, 2026. The Company will be hosting a conference call at 10:00 a.m. ET (11:00 a.m. AT) on Thursday, May 14, 2026 to discuss its financial results for the first quarter of 2026.To access the conference call without operator assistance, register and enter a telephone number at https://app.webinar.net/revD7gJl42k to receive an instant automated call back. To dial direct and be entered into the call by an Operator, dial 1-416-945-7677 or 1-888-699-1199. If dialing directly, please connect approximately 10 minutes prior to the beginning of the call to ensure participation. The conference call will be archived for replay by telephone until Sunday, June 14, 2026 at midnight (ET). To access the archived conference call, dial 1-888-660-6345 and enter the replay entry code 31629#.A live audio webcast of the conference call will be available at www.highlinerfoods.com. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast.About High Liner Foods IncorporatedHigh Liner Foods Incorporated is a leading North American processor and marketer of value-added frozen seafood.  High Liner Foods' retail branded products are sold throughout the United States and Canada under the High Liner, Fisher Boy, Mirabel, Sea Cuisine, Catch of the Day, Mrs. Paul's and Van de Kamp's labels, and are available in most grocery and club stores. The Company also sells branded products to restaurants and institutions under the High Liner, Mirabel, Icelandic Seafood and FPI labels and is a major supplier of private-label value-added seafood products to North American food retailers and foodservice distributors. High Liner Foods is a publicly traded Canadian company, trading under the symbol HLF on the Toronto Stock Exchange.For further information about the Company, please visit our website at www.highlinerfoods.com or send an e-mail to investor@highlinerfoods.com. SOURCE High Liner Foods Incorporated

Original: High Liner Foods Q1 2026 Earnings Conference Call Scheduled for Thursday, May 14, 2026 at 10:00 A.M. (ET)

High Liner Foods Announces Organizational Changes and Provides Update on First Quarter OutlookMarch 31, 2026 5:05 PM
PR Newswire (Canada)

LUNENBURG, NS, March 31, 2026 /CNW/ - High Liner Foods Incorporated (TSX: HLF) ("High Liner Foods" or the "Company") today announced organizational changes to further align its cost structure with current market conditions and provided an update on its outlook for performance in the first quarter of 2026.The changes made today resulted in 35 departures from the organization, representing approximately 9% of High Liner Foods' North American office workforce. These actions are part of a broader set of initiatives already underway, including disciplined margin management, cost reduction, and supply chain efficiency efforts, intended to mitigate the impact of sustained pressure from rising inflation, tariffs, and higher input costs and to strengthen the Company's value proposition to customers and consumers. The Company is confident that its actions will support a return to year-over-year Adjusted EBITDA growth for fiscal 2026, however, current estimates indicate that first quarter results will be modestly below the prior year. While the Company experienced strong demand during the first quarter, underlying promotional activity combined with rising input costs and tighter supply put pressure on margins and plant performance, delaying the realization of profitability improvements that the Company expects to deliver in 2026.Further details will be provided when the Company reports its first quarter 2026 financial results in May of 2026.Forward Looking Statements This press release contains forward-looking information within the meaning of applicable securities laws with respect to the Company, including, but not limited to, statements concerning organizational changes and the impact of such organizational changes on the Company, the current conditions of the markets and industries in which the Company operates, including pressures from rising inflation, tariffs and higher input costs, initiatives of the Company to address such conditions, including margin management, cost reduction initiatives and supply chain efficiency efforts, and the expected benefits therefrom, the future financial and operating performance of the Company, including margin and growth in Adjusted EBITDA, and the business strategies, operational activities and financial position and management of High Liner Foods. Forward-looking statements are based on information currently available to the Company and management's estimates, expectations and assumptions, including the assumptions that the Company will be able to execute on, and realize the benefit of, the initiatives to address market conditions and pressures described above. These estimates, expectations and assumptions are believed to be reasonable as of the current date but may prove to be incorrect. These statements are also subject to risks and uncertainties. Actual results or events may differ materially from those expressed or implied by such forward-looking statements. Additional information about these assumptions, risks and uncertainties is included in the Company's securities regulatory filings, including under the headings "Risk Factors" and "Forward-Looking Information" in the Company's annual Management's Discussion & Analysis, which can be found under the Company's profile on SEDAR+ at www.sedarplus.ca. Undue reliance should not be placed on this forward-looking information, which applies only as of the date hereof, and the Company does not undertake to update or revise any forward-looking information, whether as a result of any new information, future events or otherwise, except as may be required by applicable law.About High Liner Foods IncorporatedHigh Liner Foods Incorporated is a leading North American processor and marketer of value-added frozen seafood. High Liner Foods' retail branded products are sold throughout the United States and Canada under the High Liner, Sea Cuisine, Mrs. Paul's, Van de Kamp's, Fisher Boy, C. Wirthy, Mirabel, and Catch of the Day labels, and are available in most grocery and club stores. The Company also sells branded products to restaurants and institutions under the High Liner, Mirabel, Icelandic Seafood and FPI labels and is a major supplier of private label value-added seafood products to North American food retailers and foodservice distributors.High Liner Foods is a publicly traded Canadian company, trading under the symbol HLF on the Toronto Stock Exchange.SOURCE High Liner Foods Incorporated

Original: High Liner Foods Announces Organizational Changes and Provides Update on First Quarter Outlook

High Liner Foods Launches Brand New Sea Cuisine Skillet Meals - Complete Meal Solutions for Today's ConsumersMarch 16, 2026 7:00 AM
PR Newswire (Canada)

New line of frozen seafood skillet meals is being showcased at The Seafood Expo North America this week along with an array of other new High Liner Foods retail and foodservice products For product images click hereLUNENBURG, NS , March 16, 2026 /CNW/ - High Liner Foods Incorporated is introducing their brand new line of Sea Cuisine Skillet Meals, with a first look and taste, this week at the Seafood Expo North America (SENA). This innovative lineup of products, designed with the modern consumer in mind, is expanding the range of complete meal options available in the frozen meals category.These chef-crafted, responsibly sourced, skillet meals feature globally inspired recipes that deliver delicious restaurant-quality meals at home. They are a complete meal solution; all made in a single pan and ready in 15 minutes. With premium ingredients and an excellent source of protein, these are a perfect dinner option for any night of the week."Sea Cuisine's Skillet Meals are made for today's consumers. We know that consumers are looking for meal options that are easy to prepare, tasty and high in protein and this new lineup of meal options is the answer for the perfect, restaurant-quality, easy weeknight meal," said Anthony Rasetta, Chief Commercial Officer, High Liner Foods. "We've also broadened the frozen seafood meal offerings commonly available to consumers, with sole and salmon options in addition to shrimp, to meet a wider range of tastes and preferences."The three new Sea Cuisine Skillet Meals include:1. Mediterranean-Style Sole PastaSea Cuisine's premium wild caught sole is perfectly paired with penne pasta, roasted yellow & red peppers and diced tomatoes in a chef-crafted Mediterranean inspired lemon caper sauce.22g of protein per portion2. Thai Red Curry SalmonSea Cuisine's premium wild caught salmon with snap peas, red bell peppers, carrots and brown rice in a chef-crafted Thai red curry sauce.19g of protein per portion3. Chili Garlic ShrimpSea Cuisine's premium shrimp with chow mein noodles, broccoli, red peppers, and carrots in a chef-crafted chili garlic sauce.15g of protein per portionConsumers want meal options that are easy, fast and nutritious. Recent National Eating Trends results show that*:45% of consumers want meals that have no prep, are simple and made in one dish.75% of consumers want meals ready in 15 minutes or less.41% of consumers are looking to consume more protein.Sea Cuisine Skillet Meals are checking all these boxes for consumers and product testing results prove that, with over 87% of participants remarking that the products exceeded their expectations and 91% of participants expressing they were easy to prepare.**Skillet Meals will be available across the United States in June 2026 with broader North American distribution to come.These new innovative products are joined at SENA by a variety of High Liner Foods products including the recently released Sea Cuisine Guinness Battered Shrimp and Fish Strips, Van de Kamps Shark Bites and High Liner Foodservices' Fully Cooked portfolio of products.High Liner Foods can be found at Booth 2865 at SENA where retail and foodservice customers can learn more about these new products and enjoy select samples.Sources:
* Circana, National Eating Trends®, 12ME March 2025 Sourced from home/retail and consumed in home and Circana, National Eating Trends®, 2. Circana, NET HABTS®, 12ME March 2025
** Home use test ("HUT") conducted by Matrix Sciences*, January 2026About High Liner Foods IncorporatedHigh Liner Foods Incorporated is a leading North American processor and marketer of value-added frozen seafood. High Liner Foods' retail branded products are sold throughout the United States and Canada under the High Liner, Sea Cuisine, Mrs. Paul's, Van de Kamp's, Fisher Boy, C.Wirthy, Mirabel, and Catch of the Day labels, and are available in most grocery and club stores. The Company also sells branded products to restaurants and institutions under the High Liner, Mirabel, Icelandic Seafood and FPI labels and is a major supplier of private label value-added seafood products to North American food retailers and foodservice distributors.High Liner Foods is a publicly traded Canadian company, trading under the symbol HLF on the Toronto Stock Exchange.For further information about the Company, please visit our website at www.highlinerfoods.com



View original content:https://www.prnewswire.com/news-releases/high-liner-foods-launches-brand-new-sea-cuisine-skillet-meals---complete-meal-solutions-for-todays-consumers-302713093.htmlSOURCE High Liner Foods Incorporated

Original: High Liner Foods Launches Brand New Sea Cuisine Skillet Meals - Complete Meal Solutions for Today's Consumers

HIGH LINER FOODS REPORTS OPERATING RESULTS FOR THE FOURTH QUARTER OF 2025February 25, 2026 5:01 PM
PR Newswire (Canada)

Delivered Sales and Volume Growth in the Fourth QuarterLUNENBURG, NS, Feb. 25, 2026 /CNW/ - High Liner Foods Incorporated (TSX: HLF) ("High Liner Foods" or "the Company"), a leading North American value-added frozen seafood company, today announced financial results for the fourteen and fifty-three 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 the fourteen weeks ended January 3, 2026, or the fourth quarter of 2025, are as follows (unless otherwise noted, all comparisons are relative to the fourth quarter of 2024): Adjusted EBITDA(1) 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(2) 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(1) decreased by $9.8 million, or 78.4%, to $2.7 million compared to $12.5 million and Adjusted Diluted EPS(1) 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%; andNet Debt(1) to Rolling fifty-two weeks Adjusted EBITDA(1) 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.(1) These are non-IFRS financial measures. For more information on non-IFRS financial measures, see "Non-IFRS Measures" below and see "Non-IFRS Financial Measures" in our Fourth Quarter 2025 Management's Discussion and Analysis ("4Q2025 MD&A").(2) For the fourteen weeks ended January 3, 2026, net income includes a gain of $6.5 million on the modification of debt related to the debt amendment completed in December 2025.Key financial results, reported in U.S. dollars ("USD"), for the fifty-three weeks ended January 3, 2026, or Fiscal 2025, are as follows (unless otherwise noted, all comparisons are relative to the fifty-two weeks ended December 28, 2024, or "Fiscal 2024"):Adjusted EBITDA(1) 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(1) 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(2) 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(1) decreased by $13.2 million, or 27.5%, to $34.8 million compared to $48.0 million and Adjusted Diluted EPS(1) decreased to $1.17 per share compared to $1.51 per share; andGross 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%;
(1) These are non-IFRS financial measures. For more information on non-IFRS financial measures, see "Non-IFRS Measures" below and see "Non-IFRS Financial Measures" in our Fourth Quarter 2025 Management's Discussion and Analysis ("4Q2025 MD&A").(2) For the fifty-three weeks ended January 3, 2026, net income includes a gain of $6.5 million on the modification of debt related to the debt amendment completed in December 2025. For the fifty-two weeks ended December 28, 2024, net income includes a gain of $12.7 million on the modification of debt related to the debt refinancing completed in July 2024. For the fifty-two weeks ended December 28, 2024, net income includes a gain of $9.8M relating to the shares reacquired in result of the litigation settlement reached between High Liner Foods and the former shareholders of Rubicon.Financial Results and Operational UpdateFor the purpose of presenting the Consolidated Financial Statements in USD, CAD-denominated assets and liabilities in the Company's operations are converted using the exchange rate at the reporting date, and revenue and expenses are converted at the average exchange rate of the month in which the transaction occurs. As such, foreign currency fluctuations affect the reported values of individual lines on our balance sheet and income statement. When the USD strengthens (weakening CAD), the reported USD values of the Parent's CAD-denominated items decrease in the Consolidated Financial Statements, and the opposite occurs when the USD weakens (strengthening CAD).Investors are reminded for purposes of calculating financial ratios, including dividend payout and share price-to-earnings ratios, to take into consideration that the Company's share price and dividend rate are reported in CAD and its earnings, EPS and financial statements are reported in USD.The financial results in USD for the fourteen and fifty-three weeks ended January 3, 2026 and December 28, 2024 are summarized in the following table:

Fourteen weeks ended
Fifty-three weeks ended(Amounts in 000s, except per share amounts, unless otherwise noted)  
January 3,
2026
December 28,
2024
January 3,
2026
December 28,
2024Sales volume (millions of lbs)
61.3
60.4
237.9
235.8Average foreign exchange rate (USD/CAD)
1.3941
1.3966
1.3976
1.3695Sales
$      270,234
$      235,039
$   1,026,899
$      959,218Gross profit
$        49,737
$        50,965
$      212,838
$      217,271Gross profit as a percentage of sales
18.4 %
21.7 %
20.7 %
22.7 %Adjusted EBITDA
$        19,254
$        23,782
$        91,708
$      103,339Adjusted EBITDA as a percentage of sales
7.1 %
10.1 %
8.9 %
10.8 %Net income
$          8,025
$          5,928
$        36,557
$        60,164Diluted EPS
$            0.27
$            0.20
$            1.22
$            1.89Adjusted Net Income
$          2,705
$        12,533
$        34,830
$        47,961Adjusted Diluted EPS
$            0.09
$            0.41
$            1.17
$            1.51Diluted weighted average number of shares outstanding
29,511
30,339
29,894
31,797Sales volume for the fourteen weeks ended January 3, 2026, or the fourth quarter of 2025, increased by 0.9 million pounds, or 1.5%, to 61.3 million pounds compared to 60.4 million pounds in the thirteen weeks ended December 28, 2024, due to targeted promotional activity, as well as the additional week in the fourth quarter of Fiscal 2025..Sales in the fourth quarter of 2025 increased by $35.2 million, or 15.0%, to $270.2 million compared to $235.0 million in the same period in 2024, driven by the increase in volume, as well as increased pricing reflecting inflationary markets and favourable product mix supporting the Company's branded value added strategy.Gross profit in the fourth quarter of 2025 decreased by $1.3 million to $49.7 million compared to $51.0 million in the same period in 2024. Gross profit as a percentage of sales decreased by 330 basis points to 18.4% compared to 21.7%. The decrease in gross profit is driven by increased expenses related to the tariffs on seafood imported into the U.S. and higher raw material pricing on select species, as well as targeted promotional activity. Gross profit was also impacted by the increased costs of inventory related to the Conagra Brands Acquisition, resulting in temporary margin contraction of approximately $1.0 million as the Company sold through the acquired inventory.   Adjusted EBITDA in the fourth quarter of 2025 decreased by $4.5 million to $19.3 million compared to $23.8 million in the same period in 2024 and Adjusted EBITDA as a percentage of sales decreased to 7.1% compared to 10.1%. The decrease in Adjusted EBITDA reflects the decrease in gross profit previously mentioned and increased distribution and SG&A expenses.Reported net income in the fourth quarter of 2025 increased by $2.1 million to net income of $8.0 million (diluted EPS of $0.27) compared to $5.9 million (diluted EPS of $0.20) in the same period in 2024. The increase in net income reflects the debt modification gain recorded in finance income in the fourteen weeks ended January 3, 2026 as a result of the long-term debt amendment, and lower income tax expense, offset by the decrease in Adjusted EBITDA (as discussed previously in the Adjusted EBITDA section above).Reported net income in the fourth quarter of 2025 and 2024 included certain non-routine expenses classified as "business acquisition, integration and other expense (income)." Excluding the impact of these non-routine items or other non-cash expenses and share-based compensation, Adjusted Net Income in the fourth quarter of 2025 decreased by $9.8 million, or 78.4%, to $2.7 million compared to $12.5 million in 2024. Adjusted Diluted EPS decreased to $0.10 from $0.41 in 2024.Net cash flows provided by operating activities in the fourth quarter of 2025 increased by $9.4 million to an inflow of $30.0 million compared to an inflow of $20.6 million in the same period in 2024. The increase is driven by favourable changes in non-cash working capital balances, specifically higher accounts payable and lower accounts receivable balances, partially offset by higher cash outflows from inventory purchases. The increase is offset by higher interest paid and lower cash flow from operations. Capital expenditures were $38.7 million in 2025 compared to $23.8 million in the prior year, driven by capital assets acquired from the Conagra Brands Acquisition.Net Debt increased by $89.2 million to $322.4 million at January 3, 2026 compared to $233.2 million at December 28, 2024, reflecting higher bank loans and higher term loans, due to the Conagra Brands Acquisition and investments in inventory.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 December 30, 2023.  We expect the ratio to be slightly above the Company's long-term target of 3.0x at the end of Fiscal 2026.Outlook"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," Mr. Jewer added. "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, further strengthens our financial flexibility and demonstrates strong confidence in our overall strategy."DividendToday, the Company's Board of Directors approved a quarterly dividend of CAD $0.175 per share on the Company's common shares, payable on March 15, 2026 to holders of record on March 4, 2026. These dividends are considered "eligible dividends" for Canadian income tax purposes.Conference CallThe Company will host a conference call on Thursday, February 26, 2026, at 10:00 a.m. ET (11:00 a.m. AT) during which Paul Jewer, Chief Executive Officer, Kimberly Stephens, Chief Financial Officer and Anthony Rasetta, Chief Commercial Officer, will discuss the financial results for the fourth quarter of 2025. To access the conference call by telephone, dial 1-416-945-7677 or 1-888-699-1199. Please connect approximately 10 minutes prior to the beginning of the call to ensure participation. The conference call will be archived for replay by telephone until Thursday, March 26, 2026 at midnight (ET). To access the archived conference call, dial 1-888-660-6345 and enter the replay entry code 34341#.A live audio webcast of the conference call will be available at www.highlinerfoods.com. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast.The Company's Audited Consolidated Financial Statements and MD&A as at and for the fifty-three weeks ended January 3, 2026 were filed concurrently on SEDAR+ with this news release and are also available at www.highlinerfoods.com.Non-IFRS MeasuresThe Company reports its financial results in accordance with International Financial Reporting Standards ("IFRS"). Included in this media release are the following non-IFRS financial measures: Adjusted EBITDA, Adjusted EBITDA as a Percentage of Net Sales, Adjusted Net Income, Adjusted Diluted EPS, Net Debt and Net Debt to Rolling fifty-two weeks Adjusted EBITDA. The Company believes these non-IFRS financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the Company for the reasons outlined below. These measures do not have any standardized meaning as prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS.Adjusted EBITDA and Adjusted EBITDA as a Percentage of SalesAdjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization adjusted for items that are not considered representative of ongoing operational activities of the business. The related margin, Adjusted EBITDA as a Percentage of Sales, is defined as Adjusted EBITDA divided by net sales, where net sales is defined as "Sales" on the consolidated statements of income.We use Adjusted EBITDA (and Adjusted EBITDA as a percentage of sales) as a performance measure as it approximates cash generated from operations before capital expenditures and changes in working capital, and it excludes the impact of expenses and recoveries associated with certain non-routine items that are not considered representative of the ongoing operational activities, as discussed above, and share-based compensation expense related to the Company's share price. We believe investors and analysts also use Adjusted EBITDA (and Adjusted EBITDA as a percentage of sales) to evaluate the performance of our business. The most directly comparable IFRS  measure to Adjusted EBITDA is "Net income" on the consolidated statements of income. Adjusted EBITDA is also useful when comparing to other companies, as it eliminates the differences in earnings that are due to how a company is financed. Also, for the purpose of certain covenants on our credit facilities, "EBITDA" is based on Adjusted EBITDA, with further adjustments as defined in the Company's credit agreements.The following table reconciles Adjusted EBITDA with measures in our Consolidated Financial Statements and calculates Adjusted EBITDA as a Percentage of Sales.



Fourteen weeks ended(Amounts in $000s)
January 3, 2026
December 28, 2024Net income
$                                 8,025
$                                  5,928Add back:



Depreciation and amortization expense
6,448
5,814Finance costs (1)
91
5,484Income tax expense
3,095
1,940Standardized EBITDA
17,659
19,166Add back (deduct):



Business acquisition, integration and other expenses (income)  
1,475
232Loss on disposal of assets
22
407Share-based compensation expense
98
3,977Adjusted EBITDA
$                               19,254
$                                23,782Sales
$                             270,234
$                              235,039Adjusted EBITDA as Percentage of Sales
7.1 %
10.1 % 

Fifty-three weeks ended
Fifty-two weeks ended(Amounts in $000s)
January 3, 2026
December 28, 2024Net income
$                               36,557
$                                60,164Add back:



Depreciation and amortization expense
24,466
23,005Finance costs (1)
16,753
8,516Income tax expense
7,127
11,867Standardized EBITDA
84,903
103,552Add back (deduct):



Business acquisition, integration and other expenses (income)(2)  
3,099
(8,528)Loss on disposal of assets
414
756Share-based compensation expense
3,292
7,559Adjusted EBITDA
$                               91,708
$                              103,339Net Sales
$                          1,026,899
$                              959,218Adjusted EBITDA as a Percentage of Sales
8.9 %
10.8 %(1) Finance costs for the fourteen weeks ended and fifty-three weeks ended January 3, 2026, and fifty-two weeks ended December 28, 2024 include a gain on the modification of debt related to the debt refinancing completed in December 2025 and July 2024, for $6.5 million and $12.7 million, respectively.(2) The business acquisition, integration and other expenses (income) for the fifty-three weeks ended December 28, 2024 included a gain of $9.8M relating to the shares reacquired in result of the litigation settlement reached between High Liner Foods and the former shareholders of Rubicon, which was excluded in Adjusted EBITDA. This amount also included legal and consulting fees relating to the lawsuit.Adjusted Net Income and Adjusted Diluted EPSAdjusted Net Income is net income adjusted for the after-tax impact of items which are not representative of ongoing operational activities of the business and certain non-cash expenses or income. Adjusted Diluted EPS is Adjusted Net Income divided by the average diluted number of shares outstanding.We use Adjusted Net Income and Adjusted Diluted EPS to assess the performance of our business without the effects of the above-mentioned items, and we believe our investors and analysts also use these measures. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance.  The most comparable IFRS financial measures are net income and EPS.The table below reconciles our Adjusted Net Income with measures that are found in our Consolidated Financial Statements and calculates Adjusted Diluted EPS.

Thirteen weeks ended
Thirteen weeks ended

January 3, 2026
December 28, 2024

$000s
Adjusted
Diluted EPS
$000s
Adjusted
Diluted EPSNet income
$                 8,025
$                   0.27
$                 5,928
$                   0.20Add back (deduct):







Business acquisition, integration and other (income) expenses  
1,475
0.05
232
0.01Share-based compensation expense
98
—
3,977
0.13Modification gain on debt refinancing activities (2)
(6,498)
(0.22)
—
—Tax impact of reconciling items
(395)
(0.01)
2,396
0.07Adjusted Net Income
$                 2,705
$                   0.09
$               12,533
$                   0.41Average shares for the period (000s)


29,511


30,339 

Fifty-two weeks ended
Fifty-two weeks ended

January 3, 2026
December 28, 2024

$000s
Adjusted
Diluted EPS
$000s
Adjusted
Diluted EPSNet income
$               36,557
$                   1.22
$               60,164
$                   1.89Add back (deduct):







Business acquisition, integration and other expenses (income) (1)  
3,099
0.10
(8,528)
(0.27)Share-based compensation expense
3,292
0.11
7,559
0.24Modification gain on debt refinancing activities (2)
(6,498)
(0.22)
(13,033)
(0.41)Tax impact of reconciling items
(1,620)
(0.04)
1,799
0.06Adjusted Net Income
$               34,830
$                   1.17
$               47,961
$                   1.51Average shares for the period (000s)


29,894


31,797(1) The business acquisition, integration and other expenses (income) for the fifty-two weeks ended December 28, 2024 includes a gain of $9.8 million relating to the shares reacquired in result of the litigation settlement reached between High Liner Foods and the former shareholders of Rubicon. For the fifty-two weeks ended December 28, 2024, this amount includes legal and consulting fees relating to the lawsuit High Liner Foods filed against Mr. Brian Wynn.(2) Modification gain on debt refinancing activities for the fifty-three and fifty-two weeks ended January 3, 2026 and December 28, 2024 includes a gain of $6.5 million and $12.7 million on the modification of debt related to the debt refinancing completed in December 2025 and July 2024, respectively.Net Debt and Net Debt to Rolling fifty-three weeks Adjusted EBITDANet Debt is calculated as the sum of bank loans, long-term debt (excluding deferred finance costs and modification gains/losses) and lease liabilities, less cash.We consider Net Debt to be an important indicator of our Company's financial leverage because it represents the amount of debt that is not covered by available cash. We believe investors and analysts use Net Debt to determine the Company's financial leverage. Net Debt has no comparable IFRS financial measure, but rather is calculated using several asset and liability items in the consolidated statements of financial position.Net Debt to Rolling fifty-three weeks Adjusted EBITDA is calculated as Net Debt divided by Rolling fifty-three weeks Adjusted EBITDA (see above). We consider Net Debt to Rolling fifty-three weeks Adjusted EBITDA to be an important indicator of our ability to generate sufficient earnings to service our debt, that enhances understanding of our financial performance, and highlights operational trends. This measure is widely used by investors and rating agencies in the valuation, comparison, rating and investment recommendations of companies; however, the calculations of Adjusted EBITDA may not be comparable to those of other companies, which limits their usefulness as comparative measures.The following table reconciles Net Debt to IFRS measures reported as at the end of the indicated periods in the consolidated statements of financial position and calculates Net Debt to Rolling fifty-three weeks Adjusted EBITDA.(Amounts in $000s)
January 3,
2026
December 28,
2024Bank loans
$              24,321
$                    —Add-back: Deferred finance costs included in bank loans (1)
758
—Total bank loans
25,079
—Long-term debt
258,989
211,312Current portion of long-term debt
7,548
7,500Add-back: Deferred finance costs included in long-term debt (2)  
7,861
8,063Net gain on modification of debt (3)
16,214
11,625Total term loan debt
290,612
238,500Long-term portion of lease liabilities
2,887
5,799Current portion of lease liabilities
4,353
4,370Total lease liabilities
7,240
10,169Less: Cash
(492)
(15,463)Net Debt
$            322,439
$          233,206Rolling fifty-three week Adjusted EBITDA (4)
$              91,710
$          103,339Net Debt to Rolling fifty-three week Adjusted EBITDA (4)
                      3.5x
                     2.3x (1) Represents deferred finance costs that are included in "Bank loans" in the condensed consolidated statements of financial position. See Note 11 to the Condensed Consolidated Financial Statements.(2) Represents deferred finance costs that are included in "Long-term debt" in the condensed consolidated statements of financial position. See Note 12 to the Condensed Consolidated Financial Statements.(3) The net gain on modification of debt has been excluded from the calculation of Net Debt as it does not represent the expected cash outflows from the term loan facility. See Note 12 to the Condensed Consolidated Financial Statements.(4) For Fiscal 2024 this represents rolling fifty-two weeks Adjusted EBITDAForward Looking StatementsCertain statements contained in this press release constitute "forward-looking information" under applicable securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "may", "would", "could", "will", "should", "expect", "expects", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", "pursue", "continue", "seek", or the negative of these terms or other similar expressions concerning matters that are not historical facts. Specific forward-looking statements in this press release include, but are not limited to, statements regarding, investments by the Company in certain brands and new product innovation and the anticipated benefits from such investments, new product lines, including the introduction of a line of fully cooked products, capital allocation plans, margin and cost management, supply chain efficiency initiatives, the ability of the Company to offset higher raw material costs and tariffs,, Company dividends and the timing for payment thereof, the future financial and operating performance of the Company, including margin and growth in Adjusted EBITDA, expected leverage levels and expected Net Debt to Adjusted EBITDA, mergers and acquisitions and other investment and growth strategies; the markets and industries in which the Company operates, imposed and threatened tariffs, including in the U.S. and Canada, and the impact, timing and resolution thereof, inflation and the geopolitical and macroeconomic environment, product innovation and distribution, consumer preferences and purchasing decisions, growth in alternative species and other diversification of products and the Company's supply chain, and the business strategies and operational activities of the Company. Forward-looking statements are based on information currently available and estimates, expectations and assumptions that are believed to be reasonable as of the date of this press release, but may prove to be incorrect. In addition to any other factors and assumptions set forth in this press release, the material factors and assumptions used to develop the forward-looking information include, but are not limited to: availability, demand and prices of raw materials, energy and supplies; the ability of the Company to mitigate the impacts of tariffs; expectations with regards to sales volume, earnings, product margins, product innovations, brand development and anticipated financial performance; the ability to develop new and innovative products that result in increased sales and market share; the maintenance of existing customer and supplier relationships; manufacturing facility efficiency; the ability of the Company to reduce operating and supply chain costs; the condition of the Canadian and American economies; product pricing; foreign exchange rates, especially the rate of exchange of the CAD to the USD; the ability to attract and retain customers; operating costs and improvement to operating efficiencies; interest rates; continued access to capital; the competitive environment and related market conditions; and the general assumption that none of the risks identified below or elsewhere in this document will materialize.Forward-looking information is inherently subject to risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A number of known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, could cause actual events, performance, or results to differ materially from what is projected in the forward-looking statements in this press release. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to: compliance with food safety laws and regulations; timely identification of and response to events that could lead to a product recall; volatility in the CAD/USD exchange rate; competitive developments including increases in overseas seafood production and industry consolidation; ability to import seafood into North America while adhering to updated government sanctions; ability to adapt to regulatory changes and increase flexibility on seafood substitutions in certain products with customers; availability and price of seafood raw materials and finished goods and the impact of geopolitical events (and related economic sanctions) on the same; tariffs, trade wars and other trade barriers (including in the U.S. and Canada) and the associated impacts, including on certain seafood products and other supplies; costs of commodity products, freight, storage and other production inputs, and the ability to pass on cost increases; successful integration of acquired operations and other acquisition-related risk; potential increases in maintenance and operating costs; shifts in market demands for seafood; performance of new products launched and existing products in the market place; changes in laws and regulations, including environmental, taxation and regulatory requirements; technology changes with respect to production and other equipment and software programs; enterprise resource planning system risk; adverse impacts of cybersecurity attacks or breach of sensitive information; supplier fulfillment of contractual agreements and obligations; competitor reactions; completion and/or advancement of sustainability initiatives, including, without limitation, initiatives relating to the carbon workplan, waste reduction and/or seafood sustainability and traceability initiatives; High Liner Foods' ability to generate adequate cash flow or to finance its future business requirements through outside sources; credit risk associated with receivables from customers; volatility associated with the funding status of the Company's post-retirement pension benefits; adverse weather conditions and natural disasters; the availability of adequate levels of insurance; management retention and development; economic and geopolitical conditions such as Russia's invasion of Ukraine and the implementation and/or expansion of related sanctions; and the potential impact of a pandemic outbreak of a contagious illness, on general economic and business conditions and therefore the Company's operations and financial performance; and other factors discussed in materials filed with applicable securities regulatory authorities from time to time including matters discussed under the Risk Factors sections of our most recent annual MD&A and Annual Information Form, all filed with the securities regulatory authorities in Canada and available under the Company's profile on SEDAR+ (www.sedarplus.ca). There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Undue reliance should not be placed on these forward-looking statements, which are made only as of the date hereof, and the Company does not undertake to update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise, except as may be required by applicable law. About High Liner Foods IncorporatedHigh Liner Foods Incorporated is a leading North American processor and marketer of value-added frozen seafood. High Liner Foods' retail branded products are sold throughout the United States and Canada under the High Liner, Fisher Boy, Mirabel, Sea Cuisine, and Catch of the Day labels, and are available in most grocery and club stores. Most recently, the Company acquired Mrs. Paul's® and Van de Kamp's® frozen seafood brands from Conagra Brands, Inc. The Company also sells branded products to restaurants and institutions under the High Liner, Mirabel, Icelandic Seafood and FPI labels and is a major supplier of private label value-added seafood products to North American food retailers and foodservice distributors. High Liner Foods is a publicly traded Canadian company, trading under the symbol HLF on the Toronto Stock Exchange.For further information about the Company, please visit our website at www.highlinerfoods.com or send an e-mail to investor@highlinerfoods.com. SOURCE High Liner Foods Incorporated

Original: HIGH LINER FOODS REPORTS OPERATING RESULTS FOR THE FOURTH QUARTER OF 2025

High Liner Foods' Sea Cuisine® and Guinness™ Bring the Pub Experience Home with Brand New Sea Cuisine® Guinness™ Battered Fish Strips and ShrimpFebruary 18, 2026 9:30 AM
PR Newswire (Canada)

For product images click hereLUNENBURG, NS, Feb. 18, 2026 /CNW/ - When two legendary food and beverage brands come together the result is a bold, iconic and delicious collaboration. High Liner Foods' Sea Cuisine® and Guinness™ have teamed up to bring the ultimate pub experience straight into homes with the launch of Sea Cuisine Guinness Battered Fish Strips and Shrimp products. These two new products, crafted with the signature flavor of Guinness, are available now in grocery and club stores across the United States."Fish and chips and battered shrimp are classic pub favorites and not easily replicated at home, until now. The collaboration between Sea Cuisine and Guinness combines the expertise of the No. 1 brand in frozen prepared seafood in the U.S. with the iconic Irish stout, and the result is the perfect restaurant quality meal, right in your own home," said Anthony Rasetta, Chief Commercial Officer, High Liner Foods. "As consumers continue to seek value and convenience, our new Sea Cuisine products offer an elevated at-home dining experience, bringing premium quality meals to the table in a way that's both accessible and affordable."Crafted from responsibly sourced premium wild-caught Alaska Pollock and tail-off shrimp, coated in rich, golden batter infused with the iconic taste of Guinness, these non-alcoholic, delicious strips and shrimp deliver restaurant quality flavor right from your freezer.Licensing Manager at Diageo, Declan Hassett, added "At Guinness, we've always celebrated the rich, versatile character of our stout, and we're absolutely thrilled to bring that unmistakable taste into the kitchen with High Liner Foods. Partnering with High Liner Foods allows us to showcase how Guinness can add so much depth of flavor to a dish, ensuring these Battered Fish Strips and Shrimp are nothing short of delicious – a truly authentic pub-style experience crafted for your home."Product Highlights:Sea Cuisine Guinness Battered Fish Strips:Made with premium wild-caught Alaska Pollock, in a crunchy beer batter with the taste of Guinness stout, these fish strips are the base of an ideal at home fish and chips meal, or can be enjoyed with slaw, dipping sauce or on their own.Responsibly sourced, MSC certified wild-caught Alaska PollockMade with the taste of Guinness stout for a distinctively robust flavorNon-alcoholic12g of proteinSea Cuisine Guinness Battered Shrimp:Crafted with premium, succulent shrimp and coated in a rich, golden batter infused with the iconic taste of Guinness, these unbeatable shrimp can be enjoyed on their own, in tacos, or paired with your favorite dipping sauce. It's the ultimate pub-style appetizer.Responsibly sourced, BAP certified shrimpMade with the taste of Guinness stoutNon-alcoholic10g of proteinSea Cuisine's Guinness Battered Fish Strips and Guinness Battered Shrimp are currently available in the frozen seafood section at 1,500 Kroger Family of Companies stores, including Kroger, Fred Meyer, Mariano's, Pick 'n Save, Frys, King Soopers, Smith's, Dillons and QFC.  Sea Cuisine's Guinness Battered Fish Strips is also available in a 2lb Club Size in the frozen aisle at Costco warehouses across the United States. Further North American expansion plans to come.These new retail products join High Liner Foods' existing Guinness portfolio of Foodservice products including Guinness Beer Battered Cod Fillet Portions, Guinness Beer Battered Cod Tenders and Guinness Beer Battered Shrimp.For more information on Sea Cuisine Guinness Battered Fish Strips and Guinness Battered Shrimp click here.About High Liner Foods IncorporatedHigh Liner Foods Incorporated is a leading North American processor and marketer of value-added frozen seafood. High Liner Foods' retail branded products are sold throughout the United States and Canada under the High Liner, Sea Cuisine, Mrs. Paul's, Van de Kamp's, Fisher Boy, C.Wirthy, Mirabel, and Catch of the Day labels, and are available in most grocery and club stores. The Company also sells branded products to restaurants and institutions under the High Liner, Mirabel, Icelandic Seafood and FPI labels and is a major supplier of private label value-added seafood products to North American food retailers and foodservice distributors.High Liner Foods is a publicly traded Canadian company, trading under the symbol HLF on the Toronto Stock Exchange.For further information about the Company, please visit our website at www.highlinerfoods.comAbout GuinnessThe?Guinness?Company was established in 1759 when Arthur?Guinness?signed a 9,000-year lease on St. James's Gate Brewery in Dublin. Brewed using four natural ingredients — water, barley (malted & roasted), hops, and yeast —?Guinness?is the world's most popular stout. The iconic beer is brewed in 49 countries worldwide and sold in over 120. The most?Guinness?is sold in Great Britain, Ireland, USA, Nigeria, and Cameroon. All?Guinness?consumed in Ireland and Great Britain is brewed at St. James's Gate Brewery.For more information, visit:?www.Guinness.com



View original content:https://www.prnewswire.com/news-releases/high-liner-foods-sea-cuisine-and-guinness-bring-the-pub-experience-home-with-brand-new-sea-cuisine-guinness-battered-fish-strips-and-shrimp-302691611.htmlSOURCE High Liner Foods Incorporated

Original: High Liner Foods' Sea Cuisine® and Guinness™ Bring the Pub Experience Home with Brand New Sea Cuisine® Guinness™ Battered Fish Strips and Shrimp

Avarst ye' mateys !......Yield 2.4 % @ 8.39