High Liner Foods, a leading North American value-added frozen seafood producer and marketer, has announced financial results for the thirteen and thirty-nine week periods that ended on 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 the Lunenburg, Nova Scotia, Canada-headquartered company. “Importantly, Adjusted EBITDA increased year over year, excluding tariff recoveries, reflecting our disciplined approach to pricing and promotions and continued focus on operational efficiency.”
He added: “We are encouraged by the progress made 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.”
High Liner Foods recently entered into a definitive purchase arrangement agreement with Tokyo, Japan-headquartered Umios Corporation and 4856442 Nova Scotia Limited, a newly formed, wholly owned subsidiary of Umios incorporated in Nova Scotia. Under terms of the agreement, the buyer will acquire all of High Liner’s issued and outstanding common stock for C$27.00 per share in cash, subject to required approvals and other closing conditions.The company has scheduled a December 15 shareholder vote on the deal.
Key financial results, reported in US dollars, for the third quarter of this year compared with the same period in 2025
:
• Adjusted EBITDA rose 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 was up $21.8 million, or 454.2%, at $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 rose by $15.6 million, or 380.5%, to $19.7 million compared to $4.1 million and Adjusted Diluted EPS increased 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%. The gross was impacted by tariff recoveries;
• 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.
Results for First Three Quarters
Key financial results reported for the thirty-nine weeks Fiscal 2026, are as follows:
• Adjusted EBITDA increased 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 rose 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 increased to $1.38 per share compared to $0.95 per share;
• Adjusted Net income rose 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;
• Gross profit advanced bt $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%. The gross was impacted by an inventory loss and tariff recoveries.
