Foods High Liner Foods reported improved sales, earnings and profit for the second quarter of 2025, which ended on June 28. Highlights of the Lunenburg, Nova Scotia, Canada-headquartered value-added frozen seafood company’s results are as follows:
• Adjusted EBITDA increased by $1.3 million, or 5.5%, to $25.1 million compared to $23.8 million, while Adjusted EBITDA as a percentage of sales decreased to 10.5% compared to 10.9%
• Sales volume increased by 3.1 million pounds, or 6.0%, to 54.8 million pounds compared to 51.7 million pounds, while sales increased by $21.3 million, or 9.8%, to $239.6 million compared to $218.3 million
• Net income decreased by $10.8 million, or 56.0%, to $8.5 million compared to $19.3 million, and diluted earnings per share (“EPS”) decreased to $0.28 per share compared to $0.59 per share
• Adjusted Net income increased by $0.3 million, or 2.7%, to $11.5 million compared to $11.2 million and Adjusted Diluted EPS(1) increased to $0.38 per share from 0.35 in 2024
• Gross profit increased by $0.8 million, or 1.5%, to $53.3 million compared to $52.5 million, and gross profit as a percentage of sales decreased to 22.3% compared to 24.0%
• Net Debt to Rolling fifty-two weeks Adjusted EBITDA(1) was 2.7x at June 28, 2025 compared to 2.3x at the end of Fiscal 2024 and 2.6x at end of Fiscal 2023.
“In the second quarter, we delivered higher volumes, sales and Adjusted EBITDA compared to the prior year,” said Paul Jewer, president and chief executive officer of High Liner Foods. “Retail sales were up year-over-year and foodservice volumes improved compared to the last three quarters, supported by a later Lent this year. We will build on our strong start to the year by leveraging our diversified global supply chain alongside balanced pricing strategies and operational efficiencies to support both the top and bottom line.”
He added: “We are excited about the opportunities ahead as we continue to execute well, leverage our diversified supply global supply chain and integrate our two new brands, Mrs. Paul’s and Van de Kamp’s, unlocking synergies and expanding our footprint in the US retail market.”
Outlook
The company’s management team remains confident in the long-term outlook for its business and is well positioned with a diversified supply chain and a strong balance sheet.
“Our second quarter performance demonstrates the underlying strength of our business and our ability to grow,” said Jewer. “While we anticipate operating challenges posed by tariffs will continue in the second half of the year, we are aggressively pursuing targeted strategies to support volume growth while preserving margin to deliver year over year Adjusted EBITDA growth. Through our recently completed acquisition of the Mrs. Paul’s and Van de Kamp’s brands from Conagra, we have enhanced our product portfolio, providing us with new opportunities for innovation and market expansion, unlocking long-term, sustainable growth opportunities.”
