High Liner Foods posted lower revenue, sales volume, and EBITDA in Q1 2025, which it said is in part due to the later Lenten period.
High Liner’s revenue in Q1 2025 reached USD 268 million (EUR 236 million), down from the USD 276 million (EUR 243 million) it posted in Q1 2024. The lower revenue came on lower sales volume, with the company selling 66 million pounds of product in the quarter compared to 67 million pounds sold in Q1 2024.
High Liner’s gross profit for Q1 2025 stood at USD 63.5 million (EUR 55.9 million), down slightly from USD 65.4 million (EUR 57.6 million) posted in Q1 2024. The company’s EBITDA also dropped slightly, falling to USD 32.1 million (EUR 28.3 million) from USD 34.2 million (EUR 30.1 million).
"During the first quarter, we continued to lean into the underlying strength, stability and diversity of our business to offset market pressures and deliver value to our customers and consumers," High Liner Foods President and CEO Paul Jewer said. "While the later timing of the Lenten period impacted our overall performance in the quarter, we are encouraged by both a strong finish to the first quarter in March and start to the second quarter in April."
The company said in addition to the later Lenten period, a traffic slowdown with its foodservice customers also impacted its bottom line. However, High Liner said growth in its contract manufacturing business and an increase in volume at its retail business – including its growing club channel – both helped offset those declines.
"We are pleased by improvements in our retail business during the first quarter due to value-driven promotions and growth in the Club category, which we expect to continue in the second quarter,” Jewer said.
The company said it also saw increased demand for alternative species in the quarter, and Jewer said the company continues to support foodservice operators with value-driven solutions to offer better value for customers “in an uncertain macro environment.”
“We continue to focus on leveraging our strong supplier relationships and a diversified global supply chain to mitigate headwinds and drive targeted, profitable growth,” Jewer said.
The company said its lower profit was attributable to both the decrease in sales overall and also to increased promotional activity of its products. Both those factors were mitigated by favorable pricing, which showed in the fact the company’s gross profit as a percentage of sales increased from 23.6 percent in Q1 2024 to 23.7 percent in Q1 2025.
Looking forward into Q2 2025 and beyond, the company said its strong start to April bodes well and that it will continue to focus on executing its branded and value-added strategy, as well as continuing to diversify its supply chain to navigate “the evolving global trade environment.
"I am proud of our team and the progress we are making across our business,” Jewer said. “Our steady execution continues to deliver compelling value to our customers which, combined with our diversified global supply chain, positions us well to build on the strong results we have seen in March and April. We are on track for a solid first half of the year and I remain confident in our ability to deliver Adjusted EBITDA growth for 2025."
