High Liner Foods Incorporated · TSX:HLF
High Liner Foods — Q2 2025 Earnings Presentation
28 slides from High Liner Foods's earnings presentation, August 2025
Slide 1: Investor Presentation
Investor Presentation August, 2025 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 changing the way we # 1 prepared frozen fish manufacturer in U.S. retail2 see food # 3 frozen value-added s
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: Diversified (X3)
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 91% of sales in the form of All Commodity • Lunenburg, • Two strategic Vol
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: Dominant Position in the Retail Channel
Dominant 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
Slide 9: Growth
GROWTH highlinerfoods.com
Slide 10: Healthy Growth in Bottom Line
Healthy Growth in Bottom Line 2019 2024 Change Revenues $942 $959 +2% Adj. EBITDA $85 $103 +21% Adj. EPS (fd) $0.85 $1.51 +78% Net Debt to EBITDA (LTM) 4.1x 2.3x -1.8x highlinerfoods.com In Parallel with Strong Balance Sheet Deleveraging 10
Slide 11: However, Volumes Have Remained Steady… Until Now
However, Volumes Have Remained Steady… Until Now Sales Volumes Volume Drivers During Period (millions pounds) Expanded Pandemic-driven 258 257 Distribution shortages and 251 241 234 236 inflation Innovation Consumer softness & Targeted stronger promo value-driven activity promos Decline in contract
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: Stability
STABILITY highlinerfoods.com
Slide 14: 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 (% revenue) 73% 72% Accretive to margins 70% 70% 69% Stickier volumes Removes volatility of 62% 62% commoditized products 2018 2019 2020 2021 2022 2023 2024 h
Slide 15: Favourable Channel Mix Delivers Stable Top Line
Favourable Channel Mix Delivers Stable Top Line CHANNEL MIX BY SALES1 ~10% 33% Foodservice: Retail QSR 70 of revenues from economically %+ resilient channels ~17% 40% Foodservice: Foodservice: Non-commercial Casual Dining institutions highlinerfoods.com 1) Management estimates for twelve months endi
Slide 16: 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 Inflationary pricing environment $2 Ability $1 to Protect $0 Margins During 2018 2019 2020 2021 2022 2023 2024 202
Slide 17: Dependable Earnings Driven by Channel Mix and Pricing Power
Dependable Earnings Driven by Channel Mix and Pricing Power EBITDA Performance (USD millions) Stable performance despite the pandemic and inflationary environment 10.6% 10.8% 10.3% 9.7% 8.8% Consistent margin profile: 10 % avg. since 2020 highlinerfoods.com Targeting EBITDA Growth in 2025 17
Slide 18: 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 19: 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 20: Why Aquaculture
Why Aquaculture Aquaculture Fueling Category Growth Norwegian-based cod producer Faster growing, high demand Essential to a Reduces reliance on species lend themselves sustainable volatile or overfished 26,000 MT Annual Production well to aquaculture food supply wild stocks $12.1M Invested Productio
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) 3.7x Share Buybacks & Dividend Yield 4 ~ %dividend yield 3.0x 3.0x 2.6x 2.6x 2.3x Capital Investments $ 20 – 25M $ Mergers and Discipled & Acquisiti
Slide 22: 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 79 80 76 Requirements 90% 70 80% 80% 77% 77% Strong Capital Returns ~4X increase in buybacks and dividends since 2020 23 17 12 10 6 2020 2021 2022 2023 202
Slide 23: Building Blocks for Shareholder Value Creation
Building Blocks for Shareholder Value Creation: 2025 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 positive Adjusted EBITDA growth underpinned by stable g
Slide 24: Historical Financials
HISTORICAL FINANCIALS highlinerfoods.com
Slide 25: Financial Highlights: 2024 vs 2023
Financial Highlights: 2024 vs 2023 Sales Volume Adj. EBITDA1 Adj. EPS (FD)1 Net Debt to EBITDA1 (millions lbs) (millions $) ($) (multiple) 235.8 257.0 (-8.2%) $103.3 $95.1 (+8.7%) $1.51 $1.14 (+32%) 2.6x Pro Forma FY 2024 Standardized Free Sales Adj. EBITDA1 Cash Flow (LTM) (millions $) (%) (million
Slide 26: Financial Highlights: Q2/25 vs Q2/24
Financial Highlights : Q2/25 vs Q2/24 Sales Volume Adj. EBITDA1 Adj. EPS (FD)1 Net Debt to EBITDA1 (millions lbs) (millions $) ($) (multiple) 54.8 51.7 (+6.0%) $25.0 $23.8 (+5.0%) $0.38 $0.35 (+8.6%) 2.7x 2.3x as at end of Q4/24 Standardized Free Sales Adj. EBITDA1 Cash Flow (LTM) (millions $) (Marg
Slide 27: Corporate Overview
Corporate Overview Share Price* TSX Shares Outstanding Symbol (Fully diluted, millions) 20 HLF 29.1 18 Market Capitalization EV/EBITDA1 LTM (Aug 1, 2025, millions) (Mar 31, 2025) 16 $499* 6.1x 14 Insider Free Cash Ownership Yield LTM 12 46.1% 14.2% highlinerfoods.com 10 Jan Apr Jul Oct Jan Apr Jul 2
Slide 28: Key Operating Metrics
Key Operating Metrics 2024 2023 2022 2021 2020 Operational Metrics Sales Volumes (millions of lbs) 235.8 257.0 250.9 233.7 240.9 Operating Results Sales $959,218 $1,080,338 $1,069,714 $875,405 $827,453 Adj. EBITDA $103,339 $95,092 $103,867 $90,422 $88,045 Adj. EBITDA Margin 10.8% 8.8% 9.7% 10.3% 10.