Tear Sheet: High Liner Foods Inc.

This report does not constitute a rating action. High Liner has good channel diversity, generating about 67% of revenue from the food service segment and 33% from retail. Within food service, more than 50% of revenue is from noncommercial establishments that exhibit steadier demand characteristics, such as schools, hospitals, and long-term care. About mid-teens percent of food service revenue is from quick-service restaurants (QSR) and the remainder from contract manufacturing and full-service restaurants. The company has launched new products--namely shrimp skewers, which should gain consumer attention and contribute to overall volumes in second half of 2025. Furthermore, it is focused on gaining new customers and securing higher volumes with existing customers particularly in the U.S retail segment, which will further

...July 3, 2025 This report does not constitute a rating action. We believe High Liner Foods Inc. can successfully navigate a rough operating environment in 2025 and modestly improve volumes. High Liner has good channel diversity, generating about 67% of revenue from the food service segment and 33% from retail. Within food service, more than 50% of revenue is from noncommercial establishments that exhibit steadier demand characteristics, such as schools, hospitals, and long-term care. About mid-teens percent of food service revenue is from quick-service restaurants (QSR) and the remainder from contract manufacturing and full-service restaurants. The company has launched new products--namely shrimp skewers, which should gain consumer attention and contribute to overall volumes in second half of 2025. Furthermore, it is focused on gaining new customers and securing higher volumes with existing customers particularly in the U.S retail segment, which will further support volumes. Finally, the...

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