Lunenberg, Nova Scotia, Canada-based High Liner Foods posted improved revenue, gross profit, and EBITDA in Q2 2025.
High Liner’s sales value increased by 9.8 percent year over year, or USD 21.3 million (EUR 18.2 million), to USD 239.6 million (EUR 205.6 million) in Q2 2025, up from USD 218.3 million (EUR 187.3 million) in Q2 2024. That value increase came on increased volumes, with the company selling 54.8 million pounds of product – up 6 percent year over year, or 3.1 million pounds, from 51.7 million pounds.
Adjusted EBITDA also increased in the quarter, rising USD 1.3 million (EUR 1.1 million), or 5.5 percent year over year, to USD 25.1 million (EUR 21.5 million).
"In the second quarter, we delivered higher volumes, sales, and Adjusted EBITDA compared to the prior year," High Liner Foods President and CEO Paul Jewer said in a release
The company’s gross profit also increased in the quarter, rising 1.5 percent year over year, or USD 800,000 (EUR 686,000), to USD 53.3 million (EUR 45.7 million).
The company said increases to its gross profit are largely due to the increase in sales volume – partially offset by rising expenses caused by the introduction of tariffs on seafood being imported to the U.S. and increased raw material pricing on some species.
“High Liner Foods continues to drive improvements across operations to ensure prudent cost management and is actively working to mitigate the ongoing impact of tariffs while maintaining a balanced approach to pricing focused on supporting both the bottom and top line of the business,” High Liner said in its results.
The company also said the weakened U.S. dollar continued to impact the company’s results in the quarter, decreasing the value of reported gross profit.
High Liner said the increases to its Adjusted EBITDA are also largely a reflection of the company’s increased profit and sales, again partially offset by factors like increased raw material costs and global trade complications.
“The company commenced pricing action to offset the impact of tariffs and will continue to work with customers to protect demand and profitability in the second half of the year,” High Liner said.
Jewer said the company’s performance showed improvement when compared to both Q2 2024 and the prior three quarters.
"Retail sales were up year-over-year, and foodservice volumes improved compared to the last three quarters, supported by a later Lent this year,” he said.
High Liner cited the later Lenten period as one of the reasons it posted lower revenue, sales volume, and EBITDA in Q1 2025, as the impacts of the holiday were shifted from Q1 to Q2 in its results.
For H1 2025, the company posted a higher sales volume and value, but slightly lower gross profit and Adjusted EBITDA. For the twenty-six weeks ending 28 June, the company posted sales of USD 508 million (EUR 435.8 million), up from USD 495 million (EUR 424.7 million) in the same period of 2024. Adjusted EBITDA decreased to USD 57.2 million (EUR 49.1 million), down slightly from USD 58 million (EUR 49.7 million).
The company said because its recent acquisition of leading U.S. seafood brands Mrs. Paul’s and Van de Kamp’s was finalized on 30 June – after the reporting period for Q2 2025 – the results of that purchase will impact Q3 2025.
High Liner announced the acquisition in early June, and later closed the sale on 30 June. The company said the adjusted purchase price it paid for the brands was USD 42.4 million (EUR 36.4 million).
“Through this transaction, High Liner Foods has secured the volume currently associated with the Company's co-manufacturing agreement with Conagra, which is set to expire in 2027,” High Liner said.
According to the company, the two brands account for roughly 29 million pounds of seafood sold in the U.S. annually, and the purchase will allow High liner to expand its distribution to national retail customers. The company predicts the additional market penetration and volume will help it deliver an additional USD 11 million (EUR 9.4 million) annual run rate Adjusted EBITDA in 2027.
"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 U.S. retail market,” Jewer said.
At the time of the purchase, Jewer said the acquisition will capture additional value for High Liner’s shareholders. Under his leadership, High Liner has invested in other companies including Norwegian cod farming company Norcod.
Jewer said the long-term outlook of the company is positive, thanks to its diversified supply chain – which allows it to offset some of the challenges related to tariffs being imposed by U.S. President Donald Trump.
"Our second quarter performance demonstrates the underlying strength of our business and our ability to grow,” Jewer said. “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.”
