High Liner Q3 sales, gross profit and net income all rise; shareholder meeting on December 15 to vote on Umios acquisition

Lunenburg, Nova Scotia-based High Liner Foods on November 12 reported 2026 third-quarter results, with sales, sales volume, gross profit and adjusted EBITDA all up from the prior-year period; meanwhile, the company has made arrangements for its sale in full to Umios, with a special meeting of shareholders set for December 15 to vote on the transaction.

In the third quarter, High Liner's sales were $288 million (€260 million), up from $248 million (€224 million) in the same period of 2025. For the 39 weeks ended October 3, sales rose to $892 million (€806 million), an increase of slightly less than 18% from $756 million (€683 million) in the same period of 2025.

Revenue growth was accompanied by higher sales volume. Third-quarter sales volume was 59.1 million pounds, an increase of 3.3 million pounds, or 5.9%, from 55.8 million pounds in the same period of 2025. Cumulative sales volume for the year to the end of the third quarter was 189.1 million pounds, an increase of 12.5 million pounds, or 7.1%, from 176.6 million pounds in the same period of 2025.

Third-quarter gross profit rose to $71.9 million (€65.0 million) from $46.3 million (€41.9 million) in the same period of 2025; cumulative gross profit for the year reached $188.5 million (€170.5 million), up from $163.1 million (€147.5 million) in the prior-year period. The company said part of the gross profit increase came from tariff refunds—the U.S. Supreme Court struck down tariffs imposed by U.S. President Trump in February under the International Emergency Economic Powers Act (IEEPA), but the Trump administration's appeal delayed the refund process for several months. Excluding tariff refunds, gross profit still increased by $3.8 million (€3.4 million) year on year.

Third-quarter adjusted EBITDA was $41.5 million (€37.5 million), an increase of $26.3 million (€23.8 million), or 173%, from $15.2 million (€13.7 million) in the same period of 2025; adjusted EBITDA as a share of sales rose to 14.4% from 6.1% in the prior-year period.

Chief Executive Officer Paul Jewer said in the announcement that the third quarter saw progress on both the revenue and profit lines, innovative products were well received by customers, and demand remained resilient amid persistent inflationary pressure; adjusted EBITDA still grew year on year excluding tariff refunds, reflecting the company's discipline in pricing and promotion and its continued focus on operating efficiency. The company said the increase in sales volume stemmed from demand for its product portfolio, which remained resilient despite inflationary pressure in seafood; inflation in the fresh, frozen and shelf-stable seafood categories remained high, but according to U.S. retail data, overall sales across all categories grew in September. The company said premium brands in the retail channel performed strongly, supported by innovation and expanded distribution; in the foodservice channel, stability in casual dining, long-term care, lodging and other channels helped support demand.

Jewer also said the company continues to expect year-on-year growth in adjusted EBITDA for 2026, without relying on any tariff refunds.

Shortly after the end of the third quarter, High Liner reached an arrangement with Umios for the sale of the entire company, which was unanimously approved by the company's board of directors. The transaction remains subject to shareholder, court and regulatory approvals. The company said it has obtained an interim court order allowing it to hold a special meeting of shareholders on December 15 to consider and vote on the sale arrangement.

Board Chairman Robert Pace said the response since the transaction was announced has been encouraging, with parties recognizing what this combination can bring to shareholders and to the future of High Liner Foods; it is a strong outcome for shareholders and an exciting new chapter for a business with a proud history and significant potential, and he looks forward to putting the transaction to a shareholder vote on December 15. The company expects the transaction to close in the first quarter of 2027.