Q1/26 in Line; 2026E Outlook Reiterated With an Expectation for H2 Strength

Research evidence excerpt

Q1/26 in Line; 2026E Outlook Reiterated With an Expectation for H2 Strength

ice: gained market share in Q1/26; casual dining and non-commercial solid while QSR was soft; 2026E expected to benefit from: 1) new USDA contract win, 2) updated USDA guidelines with protein focus, 3) GLP-1 halo effect

• Retail: US: share gains Q1/26 driven by promotions and premium offerings; Canada: share gains Q1/26 driven by promotions and premium & value offerings; remains highly promotional; 2026E outlook to balance pricing and promotions to drive traffic and GP dollars

• Outlook: 2026E EBITDA growth; margins expected to be impacted by pass-through inflationary pricing; leverage forecast above 3.0x long-term target exiting 2026E (Conagra Brands acq., inflationary impact on inventory)

• U.S. tariffs: High Liner has implemented plans including pricing action to mitigate the impact of tariffs; IEEPA tariff refunds: paid ~$41.3mm in IEEPA tariffs during period in effect and have submitted for a refund; amount and timing of the refund remain TBD

• Recent investments: Norcod AS Mar/24: invested $5mm for 4,412,000 shares in Norcod; provides exposure to cod aquaculture; Andfjord Salmon AS May/24: invested $10mm for 3,234,970 shares in Andfjord; provides exposure to salmon aquaculture;

in Q1/25, completed an incremental $7.1mm investment in Norcod and $10.7mm investment in Andjford to support continued growth and preserve High Liner's ownership stake in the businesses (Norcod ~18.5% ownership; Andfjord ~8.1% ownership)

• Acquisition of retail brands: closed the acquisition of the Mrs. Paul's and Van de Kamp's brands from Conagra Brands on June 30, 2025 for $42.4mm including ~$23.8mm of inventory; at Q1/26 on track for ~$4mm EBITDA 2026E, ~$11mm run-rate EBITDA 2027E (incl. synergies)