High Liner Foods Incorporated · TSX:HLF
High Liner Foods — Investor Presentation (August 2026)
27 slides from High Liner Foods's investor presentation, August 2026
Slide 1: Investor Presentation
Investor Presentation August 2026 highlinerfoods.com
Slide 2: Disclaimer
Disclaimer Certain statements made in this presentation are forward-looking and are subject to important risks, uncertainties and assumptions concerning future conditions that may ultimately prove to be inaccurate and may differ materially from actual future events or results. Actual results or even
Slide 3: A North American Leader in Branded and Value-added Frozen Seafood
A North American Leader in Branded and Value-added Frozen Seafood # 1 frozen fish manufacturer in Canadian retail1 # 1 frozen value-added seafood manufacturer in Canadian foodservice & retail1 1 changing the way we # prepared frozen fish manufacturer in U.S. retail2 # 3 frozen value-added seafood ma
Slide 4: Unlocking Seafood Opportunities in North American Market
Unlocking Seafood Opportunities in North American Market Fish consumption per capita1 (kg/person/year) MACRO TAILWINDS 30 • Population growth & immigration of higher seafood consumers • Demand for sustainable protein sources 15 • Increasing attention on health and wellness • Younger generations (Mil
Slide 5: Protein: An Outstanding Food Category
Protein: An Outstanding Food Category • 60% of North American • High-protein claims command COMPLETE consumers actively seek high- a premium price NUTRITION WITH protein foods UNIQUE HEALTH BENEFIT • Aligns with consumer trends • Protein-enriched products are toward functional, AND SUSTAINABILITY gr
Slide 6: Scaled North American Operating Platform - Diversified
Scaled North American Operating Platform - Diversified (X3) CUSTOMER BASE FOOTPRINT SPECIES Healthy mix of 1) Foodservice 2) Retail 3 value-added manufacturing facilities 15 major species With 7 largest With ability to expand representing Distribution capacity in each ~90% of sales in the form of Al
Slide 7: Trusted Seafood Supplier to Foodservice Across North America
Trusted Seafood Supplier to Foodservice Across North America Strong relationship with all major distributors and NON-COMMERCIAL INSTITUTIONS RESTAURANTS large national accounts Hospitals Schools Long-term Care Military Corrections Casual Dining QSR Stable base of non-commercial customers Focus on gr
Slide 8: Strong Position in the Retail Channel
Strong Position in the Retail Channel Market leader in Conventional conventional grocery Grocery Discount Club Specialty Online Diversified portfolio ranging from premium to value offerings across price points Predominantly branded with a small and growing private label offering VALUE PRICE POINT TO
Slide 9: Growth
GROWTH highlinerfoods.com
Slide 10: Healthy Growth in Bottom Line
Healthy Growth in Bottom Line 2019 2025 Change Revenues $942 $1,027 +9% Adj. EBITDA $85 $92 +8% Adj. EPS (fd) $0.85 $1.17 +38% Net Debt to EBITDA (LTM) 4.1x 3.5x -0.6x highlinerfoods.com In Parallel with Strong Balance Sheet Deleveraging 10
Slide 11: However, Volumes Have Remained Steady
However, Volumes Have Remained Steady Sales Volumes (millions pounds) Volume Drivers During Period Expanded Pandemic-driven 257 Distribution shortages and 251 241 234 236 238 inflation Innovation Consumer softness & Targeted stronger promo value-driven activity promos Decline in contract New Species
Slide 12: Strategies to Drive Organic Volume Growth
Strategies to Drive Organic Volume Growth Core New Platform Broaden U.S. Innovation Innovation Distribution Focused on taste and Expanding into new channels Opportunity to increase Retail ACV in U.S. and convenience with new platform products Foodservice QSR distribution Additional SKUs into discoun
Slide 13: Scale and Distribution Make High Liner an Ideal Acquisition Platform
Scale and Distribution Capabilities in a Highly-fragmented Industry Make High Liner an Ideal Acquisition Platform High Priority Synergy Sources Branded Distribution Growth value-added species products Sales & marketing Secondary Procurement R&D, best practice innovation Processing Aquaculture capabi
Slide 14: Mrs. Paul's and Van De Kamp's
Mrs. Paul’s and Van De Kamp’s Leading U.S. Retail Brands in the frozen breaded and battered category with high consumer awareness HLF produced 25M pounds About Mrs. Paul’s and at its US based facilities Van De Kamp’s Contract with Conagra was set to expire in 2027 US$42.4M purchase price, inclusive
Slide 15: Stability
STABILITY highlinerfoods.com
Slide 16: Purposefully Broadening Our Value-Added Portfolio
Purposefully Broadening Our Value-Added Portfolio Driving Value-added Mix Higher More Value-added Products: Percentage of Value-Added Product (% sales volume) Accretive to margins 73% 72% 71% 70% 70% 69% Stickier volumes Removes volatility of commoditized products 62% 62% highlinerfoods.com 2018 201
Slide 17: Favourable Channel Mix Delivers Stable Top Line
Favourable Channel Mix Delivers Stable Top Line CHANNEL MIX BY SALES1 ~8% 38% Foodservice: Retail QSR %+ of revenues from economically ~22% resilient channels Foodservice: Casual Dining 32% Foodservice: Non-commercial institutions highlinerfoods.com 1) Management estimates for twelve months ending D
Slide 18: Pricing Power Leads to Stable, Sustainable Margins
Pricing Power Leads to Stable, Sustainable Margins Market Stable margins independent of raw materials price fluctuations Leadership (USD) Position $5 $4 Strong Sourcing Relationships $3 $2 $1 Ability to Protect $0 2018 2019 2020 2021 2022 2023 2024 2025 2026 Margins During Price / lb sold Cost of Sa
Slide 19: Dependable Earnings Driven by Channel Mix and Pricing Power
Dependable Earnings Driven by Channel Mix and Pricing Power EBITDA Performance (USD millions) 103.9 107.7 103.3 103.6 Stable performance 88.0 90.4 95.1 86.7 91.8 despite the pandemic and 84.9 79.4 79.7 inflationary environment 10.6% 10.8% 10.3% 9.7% 8.8% 8.9% Consistent margin profile: % avg. since
Slide 20: Strong FCF Generation Driven by Modest Capital Requirements
Strong FCF Generation Driven by Modest Capital Requirements Strong Cash Generation and Return of Capital (CAD millions, and %) 83 Modest Capital 80 79 76 Requirements 90% 70 77% 80% 80% 77% 53* Strong Capital Returns 58% ~4X increase in buybacks and dividends since 2020 28 23 17 12 10 6 2020 2021 20
Slide 21: Disciplined Capital Allocation Allows for Balance Sheet Optionality
Disciplined Capital Allocation Allows for Balance Sheet Optionality Capital Allocation Framework Target Leverage Range of 3.0x Net-debt to EBITDA (LTM) 4 3.7x Share Buybacks & Dividend Yield ~ % dividend yield 3.0x 3.0x 3.5x 2.6x 20 25M 2.3x Capital $ $ Investments – Mergers and Disciplined & Acquis
Slide 22: Building Blocks for Shareholder Value Creation: 2026 and Beyond
Building Blocks for Shareholder Value Creation: 2026 and Beyond Positive organic volume growth Expecting LSD/MSD organic volume driven primarily by innovation and growth over medium to long term distribution gains Predictable earnings Expecting Adj EBITDA growth in the long-term, despite impact of g
Slide 23: Appendix: Historical Financials
APPENDIX HISTORICAL FINANCIALS highlinerfoods.com
Slide 24: Financial Highlights: 2025 vs 2024
Financial Highlights: 2025 vs 2024 Sales Volume Adj. EBITDA1 Adj. EPS (FD)1 Net Debt to EBITDA1 (millions lbs) (millions $) ($) (multiple) 237.9 235.8 (+0.9%) $91.7 $103.3 (-11.2%) $1.17 $1.51 (-22.5%) 3.5x 2.3x Standardized Free Sales Adj. EBITDA1 Cash Flow (LTM) (millions $) (%) (millions $) $1,02
Slide 25: Financial Highlights: Q2/26 vs Q2/25
Financial Highlights : Q2/26 vs Q2/25 Sales Volume Adj. EBITDA1 Adj. EPS (FD)1 Net Debt to EBITDA1 (millions lbs) (millions $) ($) (multiple) 57.0 54.8 (+4.0%) $30.2 $25.1 (+20.3%) $0.44 $0.38 (+15.8%) 3.6x 2.7x Standardized Free Sales Adj. EBITDA1 Cash Flow1 (LTM) (millions $) (Margin) (millions $)
Slide 26: Corporate Overview
Corporate Overview Share Price* TSX Shares Outstanding Symbol (Fully diluted, millions) 20 HLF 28.5 18 Market Capitalization EV/EBITDA1 LTM (July 4, 2026, millions) (July 4, 2026) 16 $418* 6.7x 14 Insider Free Cash Ownership Yield LTM (July 4, 2026) 12 45.4% 17.9% highlinerfoods.com 10 Jun-24 Sep-24
Slide 27: Key Operating Metrics
Key Operating Metrics 2025 2024 2023 2022 2021 Operational Metrics Sales Volumes (millions of lbs) 237.9 235.8 257.0 250.9 233.7 Operating Results Sales $1,026,899 $959,218 $1,080,338 $1,069,714 $875,405 Adj. EBITDA $91,708 $103,339 $95,092 $103,867 $90,422 Adj. EBITDA Margin 8.9% 10.8% 8.8% 9.7% 10
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