Fage International S.A.

What does Fage own?
Fage owns the Fage and Total brands for Greek yogurt and dairy products. The company operates production facilities in Johnstown, New York (United States), Metamorphosis and Trikalon (Greece), and the United Kingdom. A planned facility in Hoogeveen, Netherlands, has been delayed to a 2028 construction start.

Is Fage publicly traded?
No, Fage International S.A. is a privately owned company controlled by the Filippou family. The company is incorporated in Luxembourg and is not listed on any stock exchange. The company voluntarily publishes quarterly reports for holders of its senior notes but is not subject to public company reporting requirements.

Who founded Fage?
Fage was founded in 1926 by Athanassios Filippou as a small dairy shop in Athens, Greece. The company was later led by his sons, Giannis and Kyriakos Filippou, who expanded the business internationally. The third generation, led by CEO Athanasios Filippou, currently manages the company.

Where is Fage headquartered?
Fage International S.A. is headquartered in Luxembourg City, Luxembourg. The company moved its parent entity from Greece to Luxembourg in 2023 as part of a corporate reorganization. The company's operational headquarters remain in Athens, Greece, and its U.S. operations are based in Johnstown, New York.

How many brands does Fage own?
Fage owns two main brands: Fage, the primary brand for Greek yogurt and dairy products sold globally, and Total, a yogurt brand sold in certain international markets, particularly in the United Kingdom and Europe.

Who owns Fage?
Fage is privately owned by the Filippou family. Three generations of the family have controlled the company since its founding in 1926. The current leadership includes Athanasios Filippou as CEO, Athanasios-Kyros Filippou as Vice President, and Giannis Filippou as Chairman. The company has no outside investors, no public stock, and no venture capital involvement.

What is Fage's revenue?
Fage reported FY2024 worldwide sales of $754 million, up from $629 million in 2023. Net profit was $112.3 million, up from $82.7 million. The United States generated approximately $406 million in sales, representing 63% of total revenue. The Greek subsidiary reported 2025 revenue of EUR 205.6 million, up 18.1% from 2024.

Fage was founded in 1926 by Athanassios Filippou as a small dairy shop in Athens, Greece. Filippou started the business selling fresh dairy products to local customers. The company grew through product quality and customer service, gradually expanding its product portfolio to include various dairy products.

In the 1970s, Fage developed strained Greek yogurt, which became the company's signature product. The straining process removes whey from the yogurt, creating a thicker, creamier product with higher protein content and lower sugar content than conventional yogurt. Fage's strained Greek yogurt gained popularity in Greece and became a staple of Greek cuisine. The company's Total brand, introduced for certain international markets, became synonymous with authentic Greek yogurt.

In the 1980s and 1990s, Fage expanded internationally. The company began exporting to other European markets and opened production facilities in the United Kingdom to serve the British market. Fage also expanded its product portfolio to include flavored yogurts and other dairy products. The company established a strong presence in Italy, which became its second-largest market.

In the late 1990s, Fage began selling Greek yogurt in the United States, where it was one of the first companies to introduce the product to American consumers. The company opened its U.S. production facility in Johnstown, New York, in 2008, investing approximately $148 million in a state-of-the-art manufacturing site. The facility initially had a capacity of 80,000 tons annually and employed 240 people. Fage averaged 50% annual growth in the U.S. market for the first decade after entering, benefiting from the broader Greek yogurt trend that saw the category grow from less than 1% of the U.S. yogurt market to approximately 40%.

The Johnstown facility has been expanded multiple times. In 2014, the facility grew to 360,000 square feet with 390 employees. In 2024, a $120 million expansion added another 150 jobs and brought the facility to approximately 430,000 square feet. In early 2026, the Johnstown Planning Board approved a further 7,700-square-foot expansion to increase storage capacity. The facility produces Greek yogurt for national distribution across the United States.

In 2023, the Filippou family completed a corporate reorganization that moved the company's parent entity from Greece to Luxembourg. The new parent, Fage International S.A., was incorporated in Luxembourg and became the holding company for all Fage operations, including the former Greek parent company. The reorganization was designed to streamline the corporate structure and support the company's international growth strategy.

Fage has also planned a new production facility in Hoogeveen, Netherlands, to serve the British and Northwest European markets. The factory, with an initial capacity of 40,000 tons, was originally scheduled to be operational by 2025. However, due to nitrogen regulations and sewer infrastructure requirements, construction has been delayed to 2028. The factory is planned to be emission-free, powered by electricity. Until the Dutch facility is operational, production for the UK and European markets will continue in Greece.

In 2025, Fage's Greek subsidiary returned to profitability after four consecutive years of losses. The Greek entity reported net profit of EUR 6.4 million in 2025, compared to losses of EUR 16.8 million in 2024. The turnaround was driven by increased sales, improved profit margins, reduced legal provisions, and favorable currency effects. Revenue at the Greek subsidiary grew 18.1% to EUR 205.6 million, with exports increasing 25.4%. Effective January 1, 2026, FAGE Greece was transferred from FAGE International to FAGE USA Dairy Industry for $85 million, reflecting the company's increasingly U.S.-centered corporate structure.

Fage's sustainability efforts focus on sustainable packaging, energy-efficient production, and responsible sourcing of milk. The company has invested in energy-efficient equipment at its production facilities and has implemented waste reduction programs. The planned Hoogeveen facility is designed to be emission-free, powered entirely by electricity.

The company sources milk from dairy farms near its production facilities. In the United States, the Johnstown facility purchases milk from farms in the Fulton County, New York region, supporting local dairy producers. The company has not published specific targets for greenhouse gas emissions reduction or carbon neutrality.

Fage does not hold B Corp certification and does not publish a standalone sustainability report. The company's sustainability disclosures are limited, consistent with its status as a privately held company not subject to public company reporting requirements.

Fage has received recognition for product quality and brand strength in the dairy industry.

• U.S. Number One Natural Yogurt Brand: Fage is the number one natural yogurt brand in the United States, based on market share data, reflecting consumer preference for its simple ingredient list and authentic Greek yogurt production method.
• Fourth-Largest U.S. Yogurt Brand: Fage is the fourth-largest yogurt brand in the United States by market share, competing against Chobani, Danone, and Yoplait.
• S&P Global BB Credit Rating: Fage received a BB credit rating from S&P Global Ratings, upgraded during 2024, citing solid operating performance and debt repayment plans. This rating reflects the company's financial stability despite its private ownership structure.

Fage's Greek subsidiary has faced legal challenges that have affected its financial performance. The Greek entity carried provisions of EUR 43.2 million for ongoing legal cases as of 2025, of which EUR 40.8 million are classified as long-term liabilities. These provisions exceed the company's equity of EUR 25.7 million. The company has not publicly disclosed the nature of these legal cases in detail.

Legal provisions were significantly reduced from EUR 22.8 million in 2024 to EUR 4.5 million in 2025, contributing to the Greek subsidiary's return to profitability. However, the remaining provisions represent a material financial exposure for the Greek entity.

Fage has also faced competitive pressure in its home market of Greece, where it has been losing market share. Despite the Greek market's declining importance to the overall company (representing only 10% of total sales), the Greek subsidiary's four-year period of losses from 2021 through 2024 was a concern for the family ownership. The transfer of FAGE Greece to FAGE USA Dairy Industry effective January 1, 2026, for $85 million reflects a restructuring of the company's Greek operations.

The company's planned factory in Hoogeveen, Netherlands, has faced regulatory delays related to nitrogen emissions regulations and sewer infrastructure requirements. The project, originally planned for completion by 2025, has been delayed to a construction start in 2028. Local environmental regulations in the Netherlands have required the company to design the facility as emission-free, powered by electricity, with a connection to the local sewage treatment plant.