Earnings release
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HIGH LINER FOODS REPORTS OPERATING RESULTS FOR THE THIRD QUARTER OF 2025 LUNENBURG, NS , Nov. 5, 2025 /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 and thirty-nine weeks ended September 27, 2025. The Company also announced a dividend increase of CAD $0.005 per share, representing 2.9% increase. "During the third quarter, a combination of challenging macroeconomic factors, including tariffs and related uncertainty, soft consumer sentiment, and reduced foodservice traffic, put greater pressure on margins and volumes than anticipated and led to a decline in Adjusted EBITDA compared to the prior year," said Paul Jewer , President and Chief Executive Officer of High Liner Foods. "We are taking targeted actions - including pricing adjustments, continuous improvement initiatives, and disciplined cost management - to help offset short-term pressures on the business." "As we navigate these temporary market dynamics, we continue to invest in our brands, new innovations, and automation within our supply chain. We are pleased that the Conagra Brands integration is ahead of schedule and we are excited to bring to market our new fully cooked frozen seafood product line designed to make seafood more convenient and accessible - opening the door to a largely untapped segment of the frozen seafood market. We are continuing to advance both the short- and long-term priorities of our business - leveraging our strong balance sheet and cash flow to drive profitable, sustainable growth, return capital to shareholders, and create long-term value." Key financial results, reported in U.S. dollars ("USD"), for the thirteen weeks ended September 27, 2025, or the third quarter of 2025, are as follows (unless otherwise noted, all comparisons are relative to the third quarter of 2024): Adjusted EBITDA (1) decreased by $6.3 million , or 29.3%, to $15.2 million compared to $21.5 million , and Adjusted EBITDA as a percentage of sales decreased to 6.1% compared to 9.4%; Sales volume decreased by 1.0 million pounds, or 1.8%, to 55.8 million pounds compared to 56.8 million pounds, while sales increased by $19.7 million , or 8.6%, to $248.6 million compared to $228.9 million ; Net income (2) decreased by $13.5 million , or 73.8%, to $4.8 million compared to $18.3 million , and diluted earnings per share ("EPS") decreased to $0.16 per share compared to $0.61 per share; Adjusted Net income (1) decreased by $1.5 million , or 26.8%, to $4.1 million compared to $5.6 million and Adjusted Diluted EPS (1) decreased to $0.14 per share from $0.20 in 2024; Gross profit decreased by $2.0 million , or 4.1%, to $46.3 million compared to $48.3 million , and gross profit as a percentage of sales decreased to 18.6% compared to 21.1%; and Net Debt (1) to Rolling fifty-two weeks Adjusted EBITDA (1) was 3.5x at September 27, 2025 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 Third Quarter 2025 Management's Discussion and Analysis ("3Q2025 MD&A"). Key financial results, reported in U.S. dollars ("USD"), for the thirty-nine weeks ended September 27, 2025, or Fiscal 2025, are as follows (unless otherwise noted, all comparisons are relative to the thirty-nine weeks ended September 28, 2024, or "Fiscal 2024"): Adjusted EBITDA (1) decreased by $7.1 million , or 8.9%, to $72.5 million compared to $79.6 million , and Adjusted EBITDA as a percentage of sales (1) decreased to 9.6% compared to 11.0%;
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Sales volume increased by 1.2 million pounds, or 0.7%, to 176.6 million pounds compared to 175.4 million pounds and sales increased by $32.5 million , or 4.5%, to $756.7 million compared to $724.2 million ; Net income (2) decreased by $25.7 million , or 47.4%, to $28.5 million compared to $54.2 million and diluted earnings per share ("EPS") decreased to $0.95 per share compared to $1.69 per share; Adjusted Net income (1) decreased by $3.3 million , or 9.3%, to $32.1 million compared to $35.4 million and Adjusted Diluted EPS (1) decreased to $1.07 per share compared to $1.10 per share; and Gross profit decreased by $3.2 million , or 1.9%, to $163.1 million compared to $166.3 million , while gross profit as a percentage of sales decreased to 21.6% compared to 23.0%; (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 Third Quarter 2025 Management's Discussion and Analysis ("3Q2025 MD&A"). (2) For the thirteen and thirty-nine weeks ended September 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 thirty-nine weeks ended September 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 Update For 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 and thirty-nine weeks ended September 27, 2025 and September 28, 2024 are summarized in the following table: Thirteen weeks ended Thirty-nine weeks ended (Amounts in 000s, except per share amounts, unless otherwise noted) September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024 Sales volume (millions of lbs) 55.8 56.8 176.6 175.4 Average foreign exchange rate (USD/CAD) 1.3763 1.3641 1.3988 1.3604 Sales $ 248,619 $ 228,884 $ 756,665 $ 724,179 Gross profit $ 46,276 $ 48,346 $ 163,101 $ 166,306 Gross profit as a percentage of sales 18.6 % 21.1 % 21.6 % 23.0 % Adjusted EBITDA $ 15,232 $ 21,493 $ 72,455 $ 79,557 Adjusted EBITDA as a percentage of sales 6.1 % 9.4 % 9.6 % 11.0 % Net income $ 4,767 $ 18,347 $ 28,532 $ 54,236 Diluted EPS $ 0.16 $ 0.61 $ 0.95 $ 1.69 Adjusted Net Income $ 4,074 $ 5,601 $ 32,125 $ 35,430 Adjusted Diluted EPS $ 0.14 $ 0.20 $ 1.07 $ 1.10 Diluted weighted average number of shares outstanding 29,811 30,509 30,022 32,180 Sales volume for the thirteen weeks ended September 27, 2025 , or the third quarter of 2025, decreased by 1.0 million pounds, or 1.8%, to 55.8 million pounds compared to 56.8 million pounds in the thirteen weeks ended September 28, 2024 , due mainly to customer and consumer pull back and uncertainty related to the global trade environment, as well as timing on the United States Department of Agriculture ("USDA") contract.
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Sales in the third quarter of 2025 increased by $19.7 million , or 8.6%, to $248.6 million compared to $228.9 million in the same period in 2024, driven by increased pricing reflecting inflationary markets. Gross profit in the third quarter of 2025 decreased by $2.0 million to $46.3 million compared to $48.3 million in the same period in 2024. Gross profit as a percentage of sales decreased by 250 basis points to 18.6% compared to 21.1%. The decrease in gross profit is driven by increased expenses related to the introduction of tariffs on seafood imported into the U.S. and higher raw material pricing on select species, as well as targeted promotional activity and negative impact of foreign exchange. Gross profit was also impacted by the increased costs of inventory related to the Conagra Brands Acquisition, resulting in temporary margin contraction of approximately $2.5 million as the Company sells through the acquired inventory. Plant utilization was temporarily impacted by lower volumes during the quarter, compounded by planned downtime related to automation upgrades intended to drive further efficiency gains. Adjusted EBITDA in the third quarter of 2025 decreased by $6.3 million to $15.2 million compared to $21.5 million in the same period in 2024 and Adjusted EBITDA as a percentage of sales decreased to 6.1% compared to 9.4%. The decrease in Adjusted EBITDA reflects the decrease in gross profit previously mentioned, as well as expenses related to the advancement of strategic initiatives and innovations across the business, along with certain corporate-level costs tied to termination benefits and foreign-exchange losses. Reported net income in the third quarter of 2025 decreased by $13.5 million to net income of $4.8 million (diluted EPS of $0.16 ) compared to $18.3 million (diluted EPS of $0.61 ) in the same period in 2024. The decrease in net income reflects the decrease in Adjusted EBITDA (as discussed previously in the Adjusted EBITDA section above), as well as finance income recorded in the third quarter of 2024 as a result of the long-term debt modification, as compared to a net expense in 2025. This is partially offset by lower income tax expense. Reported net income in the third quarter of 2025 and 2024 included certain non-routine expenses classified as "business acquisition, integration and other (income) expense." Excluding the impact of these non-routine items or other non-cash expenses and share-based compensation, Adjusted Net Income in the third quarter of 2025 decreased by $1.5 million , or 26.8%, to $4.1 million compared to $5.6 million in the same period in the prior year. Adjusted Diluted EPS decreased to $0.14 from $0.20 in 2024. Net cash flows provided by (used in) operating activities in the third quarter of 2025 decreased by $38.4 million to an outflow of $25.0 million compared to an inflow of $13.4 million in the same period in 2024. The decrease is driven by unfavourable changes in non-cash working capital balances, specifically cash outflows from inventory purchases, as well as higher repayments of accounts payable balances. Capital expenditures were $34.5 million in the first three quarters of 2025 compared to $17.2 million in the prior year, driven by capital assets acquired from the Conagra Brands Acquisition. Net Debt increased by $100.2 million to $333.4 million at September 27, 2025 compared to $233.2 million at December 28, 2024, reflecting higher bank loans and a lower cash balance, partially offset by lower long-term debt and lease liabilities as at September 27, 2025. Net Debt to Rolling fifty-two weeks Adjusted EBITDA was 3.5x at September 27, 2025 compared to 2.3x at the end of Fiscal 2024 and 2.6x at December 30, 2023. We expect the ratio to be above Company's long-term target of 3.0x at the end of Fiscal 2025 due to the recently completed Conagra Brands Acquisition (see Recent Developments in the 3Q2025 MD&A ) . Outlook Mr. Jewer said, "Despite the challenges of the third quarter, we remain confident in the long-term
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outlook for our business, buoyed by our track record of navigating market challenges and the strong performance of our brands in key growth markets, channels, and species. Due to the higher than anticipated impact of the persistent macro headwinds previously outlined, we no longer expect to deliver year-over-year Adjusted EBITDA growth for 2025. However, we are confident the steps we're taking on pricing, efficiencies, and innovation now will position the business for long-term success." The Company's ability to navigate market pressures is supported by its strong balance sheet, diverse global supply chain, and balanced pricing strategies. Dividend Today, the Company's Board of Directors approved a quarterly dividend of CAD $0.175 per share on the Company's common shares, payable on December 15, 2025 to holders of record on December 1, 2025. These dividends are considered "eligible dividends" for Canadian income tax purposes. Conference Call The Company will host a conference call on Thursday, November 6, 2025, 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 third 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 Saturday, December 6, 2025 at midnight (ET). To access the archived conference call, dial 1-888-660-6345 and enter the replay entry code 81639#. 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 and thirty-nine weeks ended September 27, 2025 were filed concurrently on SEDAR+ with this news release and are also available at www.highlinerfoods.com . Non-IFRS Measures The 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 Sales Adjusted 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.
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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) September 27, 2025 September 28, 2024 Net income $ 4,767 $ 18,347 Add back: Depreciation and amortization expense 6,049 5,917 Finance costs (1) 6,250 (7,997) Income tax (recovery) expense (1,237) 4,804 Standardized EBITDA 15,829 21,071 Add back (deduct): Business acquisition, integration and other expenses (income) (2) (307) 232 Loss on disposal of assets 382 135 Share-based compensation (recovery) expense (672) 55 Adjusted EBITDA $ 15,232 $ 21,493 Sales $ 248,619 $ 228,884 Adjusted EBITDA as Percentage of Sales 6.1 % 9.4 % Thirty-nine weeks ended Thirty-nine weeks ended (Amounts in $000s) September 27, 2025 September 28, 2024 Net income $ 28,532 $ 54,236 Add back: Depreciation and amortization expense 18,020 17,191 Finance costs (1) 16,662 3,032 Income tax expense 4,032 9,927 Standardized EBITDA 67,246 84,386 Add back (deduct): Business acquisition, integration and other expenses (income) (2) 1,623 (8,760) Loss on disposal of assets 392 349 Share-based compensation expense 3,194 3,582 Adjusted EBITDA $ 72,455 $ 79,557 Net Sales $ 756,665 $ 724,179 Adjusted EBITDA as a Percentage of Sales 9.6 % 11.0 % (1) Finance costs for the thirteen and thirty-nine weeks ended September 28, 2024 include a gain of $12.7 million on the modification of debt related to the debt refinancing completed in July 2024. (2) The business acquisition, integration and other expenses (income) for the thirteen weeks ended September 27, 2025 include a one-time benefit related to the capitalization of certain costs associated with the Conagra Brands Acquisition which were capitalized upon closing the transaction as a part of the asset acquisition accounting and had previously been expensed. For the thirty-nine weeks ended September 28, 2024, these costs 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. Rolling fifty-two weeks Adjusted EBITDA Rolling fifty-two weeks ended (Amounts in $000s) September 27, 2025 December 28, 2024 September 28, 2024
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Net income $ 34,460 $ 60,164 $ 60,652 Add back: Depreciation and amortization expense 23,834 23,005 25,168 Finance costs (1) 22,146 8,516 8,849 Income tax expense 5,972 11,867 10,593 Standardized EBITDA 86,412 103,552 105,262 Add back (deduct): Business acquisition, integration and other (income) expenses (2) 1,854 (8,528) (8,350) Loss on disposal of assets 799 756 282 Share-based compensation expense 7,171 7,559 4,250 Rolling fifty-two weeks Adjusted EBITDA $ 96,236 $ 103,339 $ 101,444 (1) Finance costs for the rolling fifty-two weeks ended December 28, 2024 and September 28, 2024 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 September 27, 2025 include costs associated with the Conagra Brands Acquisition, as well as other non-routine expenses. For the rolling fifty-two weeks ended September 28, 2024 and December 28, 2024 this expense 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. Adjusted Net Income and Adjusted Diluted EPS Adjusted 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 Condensed Consolidated Financial Statements and calculates Adjusted Diluted EPS. Thirteen weeks ended Thirteen weeks ended September 27, 2025 September 28, 2024 $000s Adjusted Diluted EPS $000s Adjusted Diluted EPS Net income $ 4,767 $ 0.16 $ 18,347 $ 0.61 Add back (deduct): Business acquisition, integration and other (income) expenses (1) (307) (0.01) 232 0.01 Share-based compensation (recovery) expense (672) (0.02) 55 — Modification gain on debt refinancing activities (2) — — (13,033) (0.42) Tax impact of reconciling items 286 0.01 — — Adjusted Net Income $ 4,074 $ 0.14 $ 5,601 $ 0.20 Average shares for the period (000s) 29,811 30,509 Thirty-nine weeks ended Thirty-nine weeks ended September 27, 2025 September 28, 2024 $000s Adjusted Diluted EPS $000s Adjusted Diluted EPS Net income $ 28,532 $ 0.95 $ 54,236 $ 1.69 Add back (deduct): Business acquisition, integration and other (income) expenses (1) 1,623 0.05 (8,760) (0.27) Share-based compensation expense 3,194 0.11 3,582 0.11 Modification gain on debt refinancing activities (2) — — (13,033) (0.41) Tax impact of reconciling items (1,224) (0.04) (595) (0.02) Adjusted Net Income $ 32,125 $ 1.07 $ 35,430 $ 1.10 Average shares for the period (000s) 30,022 32,180
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(1) The business acquisition, integration and other expenses (income) for the thirteen weeks ended September 27, 2025 include a one-time benefit related to the capitalization of certain costs associated with the Conagra Brands Acquisition which were capitalized upon closing the transaction as part of the asset acquisition accounting and had previously been expensed. For the thirty-nine weeks ended September 28, 2024 this amount 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 thirteen and thirty-nine weeks ended September 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 thirteen and thirty-nine weeks ended September 28, 2024 includes a gain of $12.7 million on the modification of debt related to the debt refinancing completed in July 2024. Net Debt and Net Debt to Rolling fifty-two weeks Adjusted EBITDA Net 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-two weeks Adjusted EBITDA is calculated as Net Debt divided by Rolling fifty-two weeks Adjusted EBITDA (see above). We consider Net Debt to Rolling fifty-two 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 condensed consolidated statements of financial position and calculates Net Debt to Rolling fifty-two weeks Adjusted EBITDA. (Amounts in $000s) September 27, 2025 December 28, 2024 September 28, 2024 Bank loans $ 92,130 $ — $ — Add-back: Deferred finance costs included in bank loans (1) 227 — — Total bank loans 92,357 — — Long-term debt 209,174 211,312 212,013 Current portion of long-term debt 7,500 7,500 6,000 Add-back: Deferred finance costs included in long-term debt (2) 7,125 8,063 8,382 Net gain on modification of debt (3) 10,200 11,625 12,106 Total term loan debt 233,999 238,500 238,501 Long-term portion of lease liabilities 3,062 5,799 6,690 Current portion of lease liabilities 4,309 4,370 4,072 Total lease liabilities 7,371 10,169 10,762 Less: Cash (313) (15,463) (9,629) Net Debt $ 333,414 $ 233,206 $ 239,634 Rolling fifty-two week Adjusted EBITDA $ 96,236 $ 103,339 $ 101,444 Net Debt to Rolling fifty-two week Adjusted EBITDA 3.5x 2.3x 2.4x (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 deb t" 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 Statements Certain 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",
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"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 Norcod and Andfjord and the timing for such investments, Company dividends and the timing for payment thereof, the future financial and operating performance of the Company, including free cash flow and growth in Adjusted EBITDA and volume in 2025, 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 cost increases on to customers; 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
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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 Incorporated High 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 View original content: http://www.newswire.ca/en/releases/archive/November2025/05/c6161.html %SEDAR: 00001789E For further information: For more information, please contact: Paul Jewer, FCPA, FCA, Chief Executive Officer, High Liner Foods Incorporated Tel: (902) 421-7110, investor@highlinerfoods.com; Kimberly Stephens, CPA, CA, Chief Financial Officer, High Liner Foods Incorporated, Tel: (902) 421-7049, investor@highlinerfoods.com CO: High Liner Foods Incorporated
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CNW 17:05e 05-NOV-25