Lunenberg, Nova Scotia, Canada-based High Liner Foods posted decreased adjusted EBITDA and higher sales in both Q4 2025 and for the full year of 2025 amid constrained margins and a challenging environment.
High Liner Foods closed Q4 2025 with USD 270.2 million (EUR 229.5 million) in sales, an increase of 15 percent over the USD 235 million (EUR 199.6 million) in sales it posted in Q4 2024. For the full year, the company’s sales topped USD 1.03 billion (EUR 874.7 million) in FY 2025, up 7.1 percent from the USD 959 million (EUR 814.4 million) that it posted in FY 2024.
Its adjusted EBITDA in Q4 2025 decreased to USD 19.3 million (EUR 16.4 million), a drop of 18.9 percent from the USD 23.8 million (EUR 20.2 million) it posted in Q4 2024. For the full year, its adjusted EBITDA dropped to USD 91.7 million (EUR 77.9 million), down from USD 103.3 million (EUR 87.7 million).
Gross profit also decreased in Q4 2025 to USD 49.7 million (EUR 42.2 million), a decrease of 2.5 percent from the USD 51 million (EUR 43.3 million) it posted the prior year. Its gross profit for FY 2025 dropped to USD 212.8 million (EUR 180.7 million), a 2.1 percent drop from the USD 217.3 million (EUR 184.5 million) it posted in FY 2024.
"We delivered sales and volume growth in the fourth quarter and made progress across our business toward improved profitability in what remains a challenging environment," High Liner President and CEO Paul Jewer said. "While margins remained constrained in our fourth quarter results, we advanced margin improvement initiatives and saw underlying momentum improve as we exited the quarter.”
The company’s sales volume in Q4 2025 increased to 61.3 million pounds, up 1.5 percent compared to the 60.4 million pounds it posted in Q4 2024. For the full year, its sales volumes increased to 237.9 million pounds, up from the 235.8 million pounds it sold in FY 2024.
These results came after a Q3 2025 that Jewer said “came in below expectations” for what the business can deliver and what it was working toward. The company faced multiple headwinds, including an accelerating inflationary environment, rising seafood prices, and consumer price sensitivity.
Many of those headwinds continued in Q4 2025, and looking forward into FY 2026, Jewer said the company is focused on driving margin improvement and leveraging some of the investments it made in 2025 to support High Liner Foods’ profitable growth.
One of those investments includes High Liner’s acquisition of the Mrs. Paul’s and Van de Kamp’s brands from Conagra Brands, which was worth USD 55 million (EUR 46.7 million) and included roughly USD 36 million (EUR 30.6 million) in inventory.
"With disciplined margin management, cost reductions, and targeted supply chain efficiency initiatives, we are confident in our ability to offset higher raw material costs and tariffs,” Jewer said. “We are seeing profitability improve and expect that to continue over the course of the year. Overall, despite continued pressures on our business from macro-headwinds, we remain confident in our ability to deliver year-over-year adjusted EBITDA growth, starting in the first quarter of 2026."
Jewer said that the company’s “strong underlying fundamentals” support its work to innovate and its newly launched fully cooked line and its new retail products will allow it to expand the category and encourage higher seafood consumption.
“Our balanced approach to capital allocation, along with the recently oversubscribed incremental addition to our term loan and the extension of our ABL, further strengthens our financial flexibility and demonstrates strong confidence in our overall strategy,” Jewer said.
