Record Sales and Profits for Filippou Family-Owned FAGE

A century after its founding, FAGE continues to expand rapidly across international markets, while delivering record levels of profitability.

FAGE International, the international group owned by the Filippou family, which traces its roots back to a dairy shop that opened in Athens in 1926, ended 2025 with record-breaking results, nearly doubling its profits and eliminating its debt, while sales approached $900 million for the first time.

With more than nine out of every ten dollars in sales generated in international markets, FAGE continues to invest in further expansion in the US and Europe. A key pillar of its European strategy remains its planned factory in the Netherlands, despite repeated delays to the project’s timetable. The investment is estimated at approximately $170 million, with the plant now expected to become operational by the end of 2030.

According to the financial statements of FAGE International, chaired by Athanasios-Cyrus Filippou, with Thanasis Filippou serving as CEO, group sales increased by 19.1% in 2025 to $898.2 million, up from $753.9 million a year earlier. Growth was primarily driven by sales volumes, which rose by 15.4%, while an increase in the average net selling price contributed 2.1% and foreign exchange movements added 1.6%.

Net Profit Reaches $208 Million as Debt Falls to Zero

The performance on profitability was even stronger, with earnings growing at a significantly faster pace than sales. EBITDA surged to $298.5 million, up 77.5%, while the EBITDA margin widened to 33.2% from 22.3%.

Operating profit climbed to $261.9 million, an increase of 83%, with the operating margin rising to 29.2% from 19%. Pre-tax profit essentially doubled, reaching $271.9 million, up 100.1%, while net profit soared 85.2% to $208 million.

A significant boost to profitability came from the expansion of the gross margin to 52% from 46.9%, with gross profit reaching $466.7 million, an increase of 32%.

Lower milk costs also had a positive impact, with prices declining by 14.3% at the company’s US production facilities and by 6.4% at its Greek production facilities.

Another particularly significant development in FAGE International’s 2025 financial performance was the elimination of its debt. Total borrowings, which stood at $104.3 million at the end of 2023 and had fallen to $45 million in 2024, were reduced to zero in 2025, following the full repayment in February of bonds carrying a 5.625% interest rate.

At the same time, cash and cash equivalents more than doubled to $148.3 million, up 115.1%, while operating cash flow reached $262.2 million, an increase of 49%.

UK Records the Strongest Growth

The strongest growth in 2025 was recorded in the United Kingdom, where sales increased by 49.2%, with volumes rising by 43.7%.

In Italy, sales grew by 26.3% and volumes by 16.6%, while in the US -the group’s largest market- sales increased by 12.2% in value and 11.3% in volume. The US accounted for 59.2% of FAGE’s total sales in 2025.

In Greece, sales increased by 13.1% despite a 2.1% decline in volumes, with the Greek market now accounting for just 9.5% of the value of the group’s total sales.

In the US, FAGE’s largest market, the FAGE brand ranks fourth in the yogurt category. It ranks third in Italy, fourth in the United Kingdom and first in Greece.

Netherlands Plant Set to Begin Operations in 2030

FAGE’s next major step is the Netherlands. The investment, however, has faced a series of delays. Initially scheduled to begin operations in 2024, the project’s timeline has been pushed back several times and now extends to the end of 2030. According to the company’s financial statements, management expects the new facility to further improve profit margins in Europe by reducing production and transportation costs compared with its existing facilities in Greece.

Once fully operational, which is currently expected in 2030, the plant will initially add 40,000 tonnes of annual yogurt production capacity. Until the new facility is completed, FAGE is increasing production in Greece to meet growing European demand.

The Riegmeer Hoogeveen business park has been selected as the site for the new plant, and an option agreement has been signed for a 15-hectare site.

Explore our English Edition

JPMorgan: Four Greek Banks Join the STOXX Europe 600