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High Liner Foods (HLF) investor relations material
High Liner Foods Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Third-quarter sales increased 8.6% to $248.6 million, driven by inflationary pricing, but sales volume declined 1.8% due to customer pullback and trade uncertainty.
Net income fell 73.8% year-over-year to $4.8 million, with diluted EPS dropping to $0.16 from $0.61.
Gross profit margin contracted to 18.6% from 21.1%, impacted by tariffs, higher raw material costs, and integration of acquired inventory.
Adjusted EBITDA declined 29.3% to $15.2 million, with margin falling to 6.1% due to lower gross profit and higher SG&A expenses.
Integration of Mrs. Paul's and Van de Kamp's brands is ahead of schedule, with expanded sales teams and new customer relationships.
Financial highlights
Q3 2025 sales: $248.6 million (+8.6% YoY); YTD sales: $756.7 million (+4.5% YoY).
Q3 2025 net income: $4.8 million (-73.8% YoY); YTD net income: $28.5 million (-47.4% YoY).
Q3 2025 Adjusted EBITDA: $15.2 million (-29.3% YoY); YTD Adjusted EBITDA: $72.5 million (-8.9% YoY).
Gross profit margin Q3: 18.6% (down from 21.1%); YTD: 21.6% (down from 23.0%).
Net cash flows from operations swung to an outflow of $25 million from an inflow of $13.4 million year-over-year.
Outlook and guidance
Margin normalization expected as acquired inventory is sold through by year-end.
No longer expects year-over-year Adjusted EBITDA growth for 2025 due to persistent macro headwinds.
Q4 expected to show improvement, but not enough for full-year adjusted EBITDA growth; margin recovery anticipated into 2026.
Inventory build to continue in Q4 in preparation for Lent and to hedge against raw material inflation.
CapEx for 2025 expected at $21–$22 million, with similar levels anticipated for 2026.
Retail pricing lag impact on Q4 margins
Net debt to EBITDA target timeline
Untapped market for fully cooked seafood
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Next High Liner Foods earnings date
Q4 202525 Feb, 2026
Next High Liner Foods earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
High Liner Foods Inc is a food processing company specializing in the production and marketing of frozen seafood products. The company supplies retail, foodservice, and club store customers across North America with a variety of seafood offerings under multiple brand names. High Liner Foods operates within the consumer goods and food manufacturing sectors. The company is headquartered in Lunenburg, Canada, and its shares are listed on the TSX.
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