High Liner Foods (HLF) Q1 2026 earnings summary

Executive summary

• Achieved strong sales growth in Q1 2026, driven by Lenten demand, new contract manufacturing, and acquired brands.

• Margins and net income declined due to higher raw material costs, supply limitations, and inability to fully pass on costs.

• Ongoing initiatives focus on pricing, cost management, and plant efficiencies to improve profitability.

Financial highlights

• Sales increased 24.8% year-over-year to $334.9 million; sales volume up 10.6% to 73.0 million lbs.

• Gross profit rose 4.9% to $66.6 million, but gross margin fell to 19.9% from 23.7%.

• Adjusted EBITDA decreased 8.7% to $29.3 million; margin dropped to 8.7% from 12.0%.

• Net income declined 47.7% to $8.0 million; diluted EPS fell to $0.27 from $0.51.

• Adjusted Net Income dropped 31.3% to $11.4 million; Adjusted Diluted EPS down to $0.39.

• Net cash from operations improved to $25.0 million from an outflow of $10.6 million year-over-year.

Outlook and guidance

• Expects improved performance and higher year-over-year Adjusted EBITDA in 2026, with benefits from initiatives more evident in H2.

• Guidance excludes potential IEEPA tariff refunds; outlook subject to macroeconomic and geopolitical risks.