Umios (1333) Acquisition presentation summary

Transaction terms

• Acquisition of High Liner Foods for ~CAD 804m / ~JPY 89bn, or CAD 27.00 per share, through a court-approved Plan of Arrangement.

• High Liner Foods’ board unanimously approved the deal and recommends a shareholder vote in favor; holders of ~45.4% of shares signed voting support agreements.

• Closing is expected in January 2027, subject to shareholder, court and regulatory approvals; funding is primarily interest-bearing debt and cash on hand.

• Upon completion, High Liner Foods is expected to delist from the TSX and become a wholly owned subsidiary.

High Liner Foods profile

• North American branded and value-added frozen seafood business, founded in 1899; serves U.S. and Canadian foodservice and retail markets.

• LTM Q2 2026 net sales were USD 1,123m and adjusted EBITDA was USD 94m.

• 2025A sales mix: 76% U.S. and 24% Canada; channels were 62% foodservice and 38% retail.

• Holds leading positions including #1 in U.S. value-added frozen seafood foodservice and #1 in Canadian frozen fish retail.

Strategic fit and growth

• Combines marine resource access and global procurement with High Liner Foods’ North American processing, brands and distribution to build an integrated procurement-to-consumer platform.

• Adds established U.S. and Canadian foodservice and retail platforms to expand downstream reach and offer a broader seafood range.

• Complementary sourcing, processing, R&D, product development and customer insight are intended to support innovation, cross-selling and a consumer-driven value cycle.

• Pro forma overseas share of net sales rises from 25% to 34%; North American retail frozen seafood market is projected to grow from USD 3.1bn in 2025 to USD 3.6bn in 2030E, at 3.1% CAGR.

• Strategic objectives include higher-margin earnings, global scale expansion and a 7% ROIC target, with overseas ordinary income ratio targeted at 70%+.