HIGH LINER FOODS REPORTS OPERATING RESULTS FOR THE FIRST QUARTER OF 2026

About this update from High Liner Foods Incorporated

LUNENBURG, NS, May 13, 2026 /CNW/ - High Liner Foods Incorporated (TSX: HLF) ("High Liner Foods" or "the Company"), a leading North American value-added frozen seafood company, today announced financial results for the thirteen weeks ended April 4, 2026. "We experienced strong demand and top-line growth in the first quarter, supported by the timing of the Lenten period and enhanced promotional activity," said Paul Jewer, President and Chief Executive Officer of High Liner Foods. "However, global supply limitations—particularly in key whitefish species—and challenges with fully passing through higher costs during the Lenten period put pressure on margins and plant performance, impacting our bottom line." "We are strengthening our execution, with a focus on continued pricing and cost management, refining our promotional strategy and delivering plant efficiencies. This approach will position the business for improved profitability for the balance of the year, as we manage ongoing market pressures." Key financial results, reported in U.S. dollars ("USD"), for the thirteen weeks ended April 4, 2026, or the first quarter of 2026, are as follows (unless otherwise noted, all comparisons are relative to the first quarter of 2025): Financial Results and Operational Update For the purpose of presenting the Consolidated Financial Statements in USD, CAD-denominated assets and liabilities in the Company's operations are converted using the exchange rate at the reporting date, and revenue and expenses are converted at the average exchange rate of the month in which the transaction occurs. As such, foreign currency fluctuations affect the reported values of individual lines on our balance sheet and income statement. When the USD strengthens (weakening CAD), the reported USD values of the Parent's CAD-denominated items decrease in the Consolidated Financial Statements, and the opposite occurs when the USD weakens (strengthening CAD). Investors are reminded for purposes of calculating financial ratios, including dividend payout and share price-to-earnings ratios, to take into consideration that the Company's share price and dividend rate are reported in CAD and its earnings, EPS and financial statements are reported in USD. The financial results in USD for the thirteen weeks ended April ...

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