Lunenberg, Nova Scotia-based High Liner Foods posted increased earnings, sales volumes, and profit in Q3 2026.
High Liner posted sales of USD 288 million (EUR 260 million) in Q3, up from the USD 248 million (EUR 224 million) it posted in the same period of 2025. For the 39 weeks ending 3 October, the company’s sales have risen to USD 892 million (EUR 806 million), up just under 18 percent from the USD 756 million (EUR 683 million) it posted in the same period of 2025.
The higher revenue in Q3 came alongside higher sales volumes. High Liner reported it sold 59.1 million pounds in Q3, an increase of 5.9 percent, or 3.3 million pounds, over the 55.8 million pounds it sold in Q3 2025. Year to date through Q3, High Liner reported it has sold 189.1 million pounds, an increase of 7.1 percent, or 12.5 million pounds, compared to the 176.6 million pounds it sold in the same period of 2025.
Gross profit in Q3 also increased, reaching USD 71.9 million (EUR 65 million) from the USD 46.3 million (EUR 41.9 million) posted in Q3 2025. For the year, gross profit has reached USD 188.5 million (EUR 170.5 million), up from USD 163.1 million (EUR 147.5 million).
"We made progress on both the top and bottom line in the third quarter, received strong customer response to our innovation, and experienced resilient demand despite continued inflationary pressures," High Liner Foods CEO Paul Jewer said in a release. "Importantly, adjusted EBITDA increased year over year, excluding tariff recoveries, reflecting our disciplined approach to pricing and promotions and continued focus on operational efficiency.”
High Liner’s adjusted EBITDA reached USD 41.5 million (EUR 37.5 million) in Q3, up 173 percent, or USD 26.3 million (EUR 23.8 million), compared to the USD 15.2 million (EUR 13.7 million) it posted in the same period of 2025. Adjusted EBITDA as a percentage of sales also increased, reaching 14.4 percent compared to the 6.1 percent it achieved in the year-ago period.
The company attributed its higher sales volumes to demand for its product portfolio, which remained resilient in spite of inflationary pressures on seafood. Inflation has remained high in the fresh, frozen, and shelf-stable seafood categories, but overall sales across all categories grew in September according to U.S. retail data.
“In particular, our premium brands in retail continue to perform strongly, supported by innovation and expanded distribution,” High Liner said. “In foodservice, stability in casual dining, long-term care, lodging, and other foodservice channels helped support demand in challenging market conditions.”
The company said its gross profit increase also came in part thanks to tariff refunds. The U.S. Supreme Court struck down International Emergency Economic Power Act (IEEPA)-backed tariffs instituted by U.S. President Donald Trump in February, but the refund process took months after court appeals from the Trump administration delayed the refund process.
Excluding those tariff recoveries, gross profit still increased by USD 3.8 million (EUR 3.4 million) year over year, according to High Liner.
"We are maintaining momentum across the business and remain focused on disciplined execution to continue to offset the impact of inflationary market conditions and capitalize on the long-term growth opportunity in the North American seafood market," Jewer said. "We continue to expect to deliver year-over-year adjusted EBITDA growth in 2026, independent of any tariff recoveries."
High Liner said that soon after the close of Q3, the company entered an arrangement with Umios for the full sale of the company, which has been unanimously approved by the company’s board of directors.
That sale is still subject to shareholder, court, and regulatory approvals, and High Liner said it has received an interim court order allowing it to have a special meeting of shareholders on 15 December to consider and vote on the sales arrangement.
"We have been encouraged by the response to the transaction since its announcement and the recognition of what this combination can deliver for our shareholders and for the future of High Liner Foods," High Liner Foods Board Chair Robert Pace said. "It is a strong outcome for shareholders and an exciting next chapter for a business with a proud history and significant potential. We look forward to taking this important next step and putting the transaction before shareholders on 15 December."
The company said it expects the sale to close in the first quarter of 2027.
