FIFAXNasdaq HelsinkiFarm ProductsIFRS · EUR

FIFAX Abp

Fifax is an Åland-based aquaculture company focused on land-based fish farming using recirculating aquaculture system (RAS) technology. Its business centers on producing farmed fish in a controlled environment and handling the related processing, with operations anchored in Eckerö, Finland.

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Operating profit (EBIT)-6.7m EUR
+0.0 %y/y
Net income-6.9m EUR
+5.1 %y/y

Fiscal year 2024 · change from previous year

Development 2020–2024

-10-8-6-4-20m EUR20202021: EBIT -9.8 m EUR20212022: EBIT -7.3 m EUR20222023: EBIT -6.7 m EUR20232024: EBIT -6.7 m EUR2024-6.7
RevenueOperating profit (EBIT)
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Business

Share of revenue
Farmed fish production70 %

Production of fish in a controlled land-based RAS environment.

Processed fish products20 %

Value-added fish products prepared for consumer and trade channels.

Wholesale HOG fish10 %

Head-on-gutted whole fish sold to downstream processors and distributors.

Customers

Fifax sells into the food value chain, where buyers include processors, distributors, and HoReCa customers that use the fish as an input to their own offerings. The company also targets end-consumer demand indirectly through branded and further-processed products, especially in the Baltic Sea region where sustainably produced local fish is a selling point.

Fish processors and distributors

Buy HOG fish for filleting, packaging, and onward distribution.

HoReCa operators

Buy fish for restaurant and catering menus that value local supply.

Retail and consumer channels

Buy processed fish products and branded offerings for end consumers.

Strategy

Fifax's strategy is built around sustainable large-scale fish farming with RAS technology, which reduces water use and captures production side streams. The company aims to move further up the value chain by processing fish into consumer products and strengthening its own brand and market awareness.

Scale RAS-based productionMedium term

Higher output and controlled conditions support the core aquaculture model.

Move into value-added productsMedium term

Processing fish into consumer products can improve pricing power and market reach.

Strengthen sustainability positioningLong term

Environmental performance is central to customer demand and differentiation.

Geography

The company is headquartered and operates in Eckerö, Åland, with its production site tied to the Finnish market. Its commercial focus is the Baltic Sea region, where demand for local and environmentally responsible seafood is a key part of the value proposition.

Risks

The business depends on biological production performance, so fish health, mortality, feed conversion, and water quality can materially affect output. It also faces execution risk in ramping production and in converting a capital-intensive RAS facility into a stable commercial platform, while demand and pricing remain tied to seafood market conditions and regional supply chains.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Fish health and mortality1Operational ramp-up risk2Market demand and pricing3Energy and input cost exposure4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Fish health and mortalityImpact: HighLikelihood: High

    Aquaculture output depends on biological performance and disease control.

    Exposure: Production volumes and product quality

  2. Operational ramp-up riskImpact: HighLikelihood: Medium

    A RAS facility requires stable 24/7 control of water, stock, and process conditions.

    Exposure: Facility utilization and commercial continuity

  3. Market demand and pricingImpact: MediumLikelihood: Medium

    Revenue depends on seafood demand and the prices buyers are willing to pay.

    Exposure: Sales volumes and realized prices

  4. Energy and input cost exposureImpact: MediumLikelihood: Medium

    Land-based aquaculture uses significant power, feed, and operating inputs.

    Exposure: Operating economics

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Accounting

Judgemental items
Capitalized interest

Interest incurred during construction was capitalized into buildings and is depreciated over time.

Impact: Affects asset values and future depreciation expense

Investment grant repayment risk

Received investment support can become repayable if operations change materially or cease within the defined period.

Impact: Creates contingent liability and disclosure sensitivity

Lease accounting

Production facilities involve lease-related deposits and likely lease commitments.

Impact: Affects balance sheet liabilities and operating expense timing

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Last updated: 24/09/2026