Lunenberg, Nova Scotia, Canada-based High Liner Foods posted increased revenue, adjusted earnings, and volumes in both Q2 and H1 2026 but lower net income and gross profit as the company expects continued pressure from the economic environment.
"During the second quarter, we maintained topline momentum while taking a more disciplined approach to promotions, supported by sustained demand and strong customer response to new product innovation," High Liner Foods President and CEO Paul Jewer said in a release. "Adjusted EBITDA increased year over year, both on a reported basis and when normalizing for tariffs, reflecting progress on our strategic initiatives despite continuing inflation and higher raw material costs . We remain focused on executing our plan for top and bottom-line growth through the balance of 2026 and beyond."
High Liner posted sales revenue of USD 269 million (EUR 232 million) in Q2 2026, up from the USD 239 million (EUR 206 million) it posted in the same period of 2025. For H1 2026, its sales revenue reached USD 604 million (EUR 522 million), an increase from the USD 508 million (EUR 439 million) it posted in the first half of 2025.
The increase revenue coincided with increased sales volumes, as the company sold 57 million pounds of product in Q2 2026, up from 54.8 million pounds in Q2 2025. For the first half of 2026, High Liner sold 129.9 million pounds of products, up from 120.8 million pounds.
The company attributed its increased sales volume to strong demand for its product portfolio, along with the successful launch of new projects and contract manufacturing business and volume associated with its U.S. Department of Agriculture contract. High Liner has been consistently awarded contracts for products for domestic programs.
High Liner has debuted multiple new product lines in 2026, including a pollock-heavy foodservice line at the start of the year, which it said was designed to create an easier back-of-house experience for convenience stores and quick-service restaurants.
The company later announced a new line of products in advance of Seafood Expo North America, including a partnership with Guinness on its Sea Cuisine Guinness-Battered Fish Strips and Shrimp products.
Adjusted EBITDA also increased in Q2 2026, rising to USD 30.2 million (EUR 26.1 million), up from USD 25.1 million (EUR 21.7 million) in the same period of 2025. For the first half of 2026 adjusted EBITDA increased to USD 59.5 million (EUR 51.4 million), up from USD 57.2 million (EUR 49.4 million).
While the company’s Adjusted EBITDA and revenue increased, its gross profit decreased. Gross profit in Q2 2026 dropped to USD 50.1 million (EUR 43.3 million), down from USD 53.3 million (EUR 46.1 million) in the same period of 2025. For the first half of the year, gross profit remained flat at USD 116.6 million (EUR 100.8 million), down slightly from USD 116.8 million (EUR 100.9 million).
The company said its gross profit in Q2 2026 was impacted by USD 10.1 million (EUR 8.7 million) in inventory losses associated with a fire at a third-party warehouse, “which High Liner Foods expects to recover through the recognition of insurance coverage by the end of 2026, and the impact of this has been normalized in Adjusted EBITDA and Adjusted Net Income.”
The company said that inventory loss was partially offset by a USD 7.9 million (EUR 6.8 million) refund of International Emergency Economic Powers Act tariffs, which were realized during Q2 2026.
Net income in the quarter and in H1 2026 also decreased. Net income in Q2 2026 dropped to USD 5.1 million (EUR 4.4 million), down from USD 8.5 million (EUR 7.3 million). For H1 2026, net income dropped to USD 13.1 million (EUR 11.3 million), down from the USD 23.8 million (EUR 20.6 million) it posted in the same period of 2025.
Looking forward in 2026, the company said it expects that the prevailing economic climate will continue to color its results.
"While we anticipate that cautious consumer spending, higher raw material costs and ongoing tariffs will continue to put pressure on our operating environment, momentum behind the initiatives we have in place to grow the business continues to build," Jewer added. "Our progress in the second quarter, together with improved execution and the underlying strength of our business, reinforces my confidence in delivering year-over-year Adjusted EBITDA growth in 2026, independent of any tariff recoveries."
