Overview Key strengths Key risks Strong brand recognition in Canada. Narrow product portfolio in value-added frozen seafood with concentration in breaded white fish. Balance between food service and retail channels for product distribution. Volatile earnings and cash flows owing to variable commodity costs, volume, and foreign exchange. Disciplined financial policy. Recovery in volumes could be delayed should consumer affordability remain tight. The company generates approximately 60% of revenues from food service customers. Within its food service segment, the company has a healthy diversity between restaurants, food distributors, hospitals, long-term care facilities, quick service restaurants (QSR), and schools. Given the demand stability within most of the channels that High Liner operates within food service segment, we believe food service segment will
