Convenient, high quality seafood for all

Milarex at a glance

Milarex is an international seafood company, focusing on salmon value-added products. The company was established in 2016 and has taken a leading position within value-added processing. Milarex seeks to advance sustainable production and consumption of salmon by ensuring a sustainable source-to-product process and providing a healthy and affordable source of protein through its fish products.

Year acquired





EUR 450 m





Investment themes

Resource Efficiency

Key developments in 2023

Milarex delivered revenue growth of 16.3%, fueled by continued expansion in US and strong performance in Germany. Despite persistently high salmon prices in 2023 and a challenging macro environment, Milarex demonstrated resilience with significantly improved profitability compared to last year.

This was largely attributable to the company's efficient operations, flexible purchasing strategy, and ability to successfully negotiate favorable contract terms with existing and new customers.

What are the challenges Milarex addresses


of all GHG emissions are from livestock


lower GHG emissions per kg from Salmon production relative to emissions from beef

How does Milarex help?

Reality today

Sustainable aquaculture is an important part of the roadmap to ensure future food security and building a sustainable food system. Yet, majority of aquaculture still falls short of meeting criteria for sustainability.

Milarex approach

Milarex promotes sustainable practices from raw fish suppliers and oversees a highly efficient production process to produce healthy and affordable sources of protein through its salmon products.

Aspirational future

Consumers primarily rely on salmon and other more sustainable proteins to meet food needs.

Who is impacted?

Consumers across North America, Europe, Southeast Asia, and Australia who have a more affordable option for nutrient-dense and protein. The planet is also positively affected due to the lower amount of GHG emissions in the production compared to livestock.


Milarex contributes to consumer access to a more healthy low-carbon protein alternative with a transparent value chain.


Milarex has limited control over the operations of its suppliers as well as consumer behavior related to end-product use and product end- of-life.

SDG alignments

SDG 12
SDG 14

KPI reporting

Revenue (EURm)


Change from '22-'23: 16%

Raw material with sustainable certificate

Target 2025: Above 95% (annually)

Change from '22-'23: -1 ppt

Raw material with sustainable certificate ­ refers to salmon products sourced from selected farmers with specific focus on animal welfare and sustainability certifications.

Tons of edible products


Change from '22-'23: 8%

Tonnes of edible product measures the amount of healthy protein processed and sold to consumers in a year.

Conversion ratio raw material to edible product


Change from '22-'23: 1 ppt

Measurement of waste during processing, specifically the conversion of fish into edible products.