2025 annual report

2025

Annual Report

2

Table of Contents

Interview with Stanislas Lemor Chairman and Chief Executive Oɚcer of the Group 4

1.

Partner to the foodindustry

7

2.

Sustainability report

37

3

3.

Corporate governance and general information

113

4.

Consolidated financial statements

141

This document is a translation. In the event of any discrepancy, the French version shall prevail.

STEF / 2025 Annual report

‌Interview with

Stanislas Lemor

Chairman and Chief Executive Officer of the Group

4 "In a rapidly chanąiną environment, certain elements remain unchanąed: our entrepreneurial spirit, our enthusiasm for our service mission and our constant focus on puttiną people at the heart of what we do."

How do you view 2025? Did you expect it to be so challenging for the Group?

The shift into a state of ongoing uncertainty and the resulting disruptions had already had a significant impact on the economic landscape as early as 2024. We were therefore collectively aware that 2025 would not be an easy year.

And we can say that this was indeed the case. We had to deal with restructurings resulting from our customers' strategic decisions, faced

a challenging tax environment and carried out transformative company integrations. Our Group has held up well because we have a significant asset: a business model that combines independence, solidity, proximity and agility, even though we must recognise that it needs to adapt regularly to the pace of the world.

Could this lead you to change your strategy?

Our strategic ambition remains unchanged, but the means that we will deploy to achieve it will

necessarily be different. Our policy of rapid external growth, for example, has enabled us to achieve our revenue target of €5 billion a year ahead of our plans. It's a source of great pride and the sum total of a remarkable collective effort by all the teams. Will we be able to pursue such an ambitious and diversified external growth policy in the years to come? I don't believe so. I think we now need to consolidate our new balance.

Has this development influenced the renewal of your governance structure?

I would like to express my sincere gratitude to Marc Vettard for his key contribution during the seven years I spent at his side on the Executive Board. He successfully developed the Group and initiated far-reaching, sustainable transformations that are laying solid foundations for the future. Since 2019, the Group's profile has changed significantly. It therefore seemed natural to us to introduce a new type of governance that aligns with our new realities.

With Damien Chapotot and François Pinto as Chief Operating Officers, one for France and the other for International, we are beginning a new stage in the Group's development that is perfectly aligned with the logic of the development of our activities and the challenges of the different levels of maturity of our markets.

STEF / 2025 Annual report

Isn't there a risk

that the exceptional elements encountered last year could persist, which would be a challenge for this new team?

Our ongoing efforts to integrate our operations in the Benelux countries or Switzerland, or to bring our warehouse staff in-house in Italy, constitute long-term commitments that are fully aligned with our strategic objectives. We will pursue them with determination.

The rest is now behind us, which should enable us to return, naturally, to more normative results.

What's more, we have very good reasons to look to the future with

confidence. Our new management team is highly experienced and knows our Group inside out. We are actively preparing our new 2027-2031 strategic plan to anticipate the transformations in our ecosystem. We are honoured by the trust of 24,000 customers in Europe who have chosen STEF. We have strong positions in each of our markets and have forged solid partnerships with recognised professionals. Finally, our teams are motivated and fully committed to growing and developing the Group in all its countries. So yes, 2026 will be an intense year, but we're ready!

Finally, how do you see STEF's future?

Our model, built around the three economic, social and environmental dimensions, remains our compass. Given the major challenges we face collectively, we will continue to advance them in a balanced way. I also hope that our Group can continue to play its role as a unifying force and a source of fulfilment for our teams in an increasingly fragmented world. And for its development to be firmly rooted in sustainable performance, at the service of its ecosystem. The STEF spirit cements our identity and culture for many years to come!

From May 2026, the Group's Executive Board, structured around the Chairman and Chief Executive Officer, will include two Chief Operating Officers. This new governance model is the result

of clear and ambitious strategic planning aimed at effectively supporting its strategic priorities and international development. This new organisation has received the full approval of the Board of Directors, which has every confidence in its ability to meet

the challenges ahead.

5

François Pinto, Chief Operating Oɚcer International, and Damien Chapotot, Chief Operating Oɚcer France

Damien Chapotot, new Chief Operatiną Officer France

Damien Chapotot brings to this new role his solid experience of almost 30 years in management positions in the transport and logistics sector.

Throughout his career, he has demonstrated his ability to transform the businesses he manages to bring them into line with market realities. Recognised for his leadership and professionalism, he will now be responsible for the Group's largest market. His main tasks will be to deploy new growth drivers and modernise operating tools to anticipate the challenges of tomorrow. Aged 57, he joined the STEF Group in 2017 and previously held the position of Deputy CEO of STEF Transport from 2019.

François Pinto, new Chief Operatiną Officer International

With nearly 20 years' experience abroad, François Pinto has an international profile. His in-depth knowledge of the Group, coupled with his vision of developing high-potential markets and improving performance, make him ideally placed to steer the Group's international development strategy. In the 7 countries in his area of competence, his main challenges will be to drive growth, integrate the latest acquisitions and deploy the Group's expertise. François Pinto, 49, who began his career with the Group in 1999, was previously Deputy CEO of

STEF France.

STEF / 2025 Annual report

6

1

‌Partner to the food industry

7

1. Our brand purpose 8

2. Profile 9

3. Our business model 10

4. Our value chain 11

5. Helping the food industry

   feed Europe 12

6. People, the Group's greatest

   asset 14

7. Developing a sustainable model 16

8. Innovating and transforming 18

9. Our areas of expertise in support

   of operations 19

10. Our IT and digital expertise 20

11. Our real estate expertise 22

12. Our activities 24

13. STEF France 26

14. STEF International 30

15. Expanding our presence in

    Switzerland 34

16. Outlook 35

STEF / 2025 Annual report

1

Partner to the food industry

Our brand purpose

‌Our brand purpose

"Committed teams that ąuarantee sustainable and safe access to food diversity for all on a daily basis"

Since its creation in 1920, the STEF Group has played a key role in supplyiną food to consumers.

Its brand purpose expresses its mission, its ambition and its commitments to serving millions of Europeans. It

8

reflects the Group's commitment to people by ensuring a relationship of trust between populations and the food products they consume. It highlights the Group's relationship with its customers, to whom it provides effective solutions that create added value. Finally, its brand purpose highlights STEF's sustainable commitments and their implementation in support of a more virtuous and environmentally respectful food system.

At the centre of the food supply chain, the Group acts as a link between the various stakeholders in the food industry. By connecting producers, distributors and caterers, STEF provides solutions to:

• ensure the integrity and safety of food products;

• respond to changes in markets and consumption patterns;

• support the development of its customers.

1

Partner to the food industry

Profile

‌Profile

As Europe's leadiną provider of temperature-controlled loąistics and transport services (from -25 °C to +18 °C), the Group transports chilled, frozen and temperature-sensitive products daily from production areas to consumption areas under optimal conditions of food safety, lead times and quality. Its model as a specialist in temperature-controlled food transport, loąistics and packaąiną is based on its unique expertise, which ąives it an in-depth understandiną of the aąri-food market and how it is evolviną in Europe.

This expertise enables it to offer its customers services tailored to their strateąic and functional needs, while ąuaranteeiną the security, accessibility, availability and quality of the products entrusted to it.

26,019

Employees

€5.1195bn

Consolidated revenue

€1.3119bn

Consolidated equity

325

9

Multi-temperature sites

Nearly

117,000

deliveries per day

Over

24,000

Trade receivables

15,240,000 m3

Storage volume

676,500 m2

Dock area Nearly

4,000

owned rigid trucks and tractor units

8

European countries

• France

• Italy

• Spain

• Portugal

• Belgium

• Netherlands

• Switzerland

• United Kingdom

Our business model

‌Our business model

Our

stakeholders

Trade receivables Employees

Planet

Society

Shareholders

Consumers

Our strategic ambition

To be the European leader in temperature-controlled food transport and logistics

The pillars of our performance

Our business lines

10

Transport Logistics Packaging

Our resources

Our People

Our production facilities

Our shareholder model

Our financial strength

Our suppliers and transport subcontractors

Our energy management

Our advantaąes

Committed employees

An unrivalled European network

A single brand

Solutions tailored to each market

Proprietary IT systems

Control over our real estate

Our capacity for innovation and advisory

Our commitments

Social, societal and environmental commitments integrated into the Group's strategy

A long-term vision

The ability to generate

sustainable growth

A balanced sharing of value created

Our expertise

Cold chain management

Supporting our customers' growth over the long term

Operational excellence

Customer focus

Decarbonisation of the supply chain

Launch of new projects

Our values

Enthusiasm

Respect

Diliąence

Performance

Our brand purpose

Committed teams that guarantee sustainable and safe access to food diversity for all on a daily basis.

‌Our value chain

Partner to the food industry

1

Our value chain

Aąricultural and

fisheries sectors

Food industry

INBOUND

OUTBOUND

11

Transport

Collection

Transport

Collection International shipments

Consolidation Customs operations

Distribution Reverse logistics Domestic

shipments

Loąistics

Storage

Value-added services

Preparation

Loąistics

Storage Value-added services

Preparation

Packaąiną

Co-packing Co-manufacturing

Helpiną the food industry feed Europe

‌Helping the food industry feed Europe

In a context where the operational complexity of aąri-food supply chains is increasiną faster than volumes, the ability to operate a efficient and balanced model is decisive. Meetiną simultaneously the requirements the requirements of major international or national accounts and the more specific needs of small and medium-sized aąri-food businesses means combininą industrial power, operational proximity and aąility. It is precisely on this balance that the STEF Group's model is based, desiąned to secure temperature-controlled food supply chains and provide its customers with the best possible support in response to market developments.

Complete proficiency in supply chain optimisation

12

As a long-standing partner of the food industry, STEF has in-depth knowledge of the expectations of both its shipping customers and their consignees. This unique knowledge positions the Group as the leader in temperature-controlled food logistics and transport in Europe.

Its solutions are partially or fully integrated into its customers' supply chains within a framework of continuity and efficiency, thereby contributing to their value creation chain. From production to consumption, the Group helps them to confidently manage the complex requirements and specific features inherent in their products.

To achieve this, the Group has the densest network of temperature-controlled warehouses and transport platforms in Europe. Deployed to help its customers grow their business, it enables them to design optimised, high-performance, pooled and consolidated logistics systems, while minimising their carbon footprint and increasing their responsiveness to needs. At the same time, STEF also provides dedicated logistics, transport and combined solutions.

Helpiną the food industry feed Europe

A wide range of solutions to meet changes in the food market

The Group offers a wide range of solutions and services, from the simplest processes to the most comprehensive offerings developed by its in-house design department.

From small businesses to major international groups, from parcels to full truckloads, from a few pallets to a dedicated warehouse, from handling uniform pallets to the most detailed picking operations, whatever the required temperature, STEF is able to offer:

• transport solutions for delivering parcels of all sizes to domestic markets and to over 48 countries worldwide;

• complete consolidation solutions, combining upstream and/or downstream transport, storage,order preparation and packaging;

• integrated logistics and contract logistics solutions;

• high added-value services such as transport control and customs management, as well as co-packing, packaging, specific preparations and co-manufacturing, through end-to-end solutions;

• 4PL solutions dedicated to foodservice operators.

All the Group's operators are trained to the most exacting food safety standards and ensure full continuity in compliance with regulations and the health requirements applied by their customers at production sites.

As a player in the food supply chain, the Group has a major responsibility towards consumers, which it has fully and proudly assumed on a daily basis for over 100 years.

Temperature-controlled logistics: ever higher expectations

There have been a number of structural trends in the temperature-controlled sector in recent years. Operational complexity is increasing, particularly due to the rise in product references, temperature ranges to manage, delivery frequencies and diversification of distribution channels. At the same time, the cost of refrigeration has become a structural competitive factor, and the real estate model is increasingly recognised as a strategic asset. Finally, data has taken on a central role, becoming a key industrial asset.

Thanks to its operational expertise and its mastery of logistics flows, the STEF Group has established itself as a key player capable of meeting these growing demands. In addition, by strengthening its ability to manage energy-related costs, developing a sustainable and flexible real estate portfolio, and developing robust proprietary information systems and effective digital tools, the Group has demonstrated its ability to combine long-term infrastructure with flexible solutions. This enables it to pool its capacities, demonstrate modularity and rapidly redeploy its resources in line with market needs.

13

A balanced customer portfolio

BREAKDOWN OF GROUP REVENUE BY

27%

CUSTOMER TYPE 24 000+

customers

35%

38%

International key accounts National key accounts



Middle market

People, the Group's ąreatest asset

‌People, the Group's greatest asset

People are at the heart of the Group's strateąy and ąrowth. The commitment of its 26,000 talents, their expertise and their ability to adapt to the challenąes of a constantly evolviną sector represent a major asset in deliveriną sustainable ąrowth and meetiną customer demands.

A committed corporate culture

The STEF Group has always been committed to creating a motivating, safe and inclusive work environment, where everyone can grow professionally and contribute to the collective success. Its culture, organisation and management model make STEF a source of pride and belonging for its employees. It fosters a culture based on both individual and collective responsibility and strong operational grounding. It grants significant autonomy to teams working in close contact with customers and local stakeholders.

Decisions are taken as close as possible to operations, strengthening efficiency and responsiveness to meet customers' diverse needs. Managers have real freedom to act within the framework of the Group's strategic objectives, encouraging innovation and initiative.

Mutual respect, collaboration, agility and ntrepreneurship are among the behaviours shared daily by teams across the Group's eight countries. They reflect the Group's four values that drive them daily: Enthusiasm, Respect, Diligence and Performance.

14

A decentralised organisation

The STEF Group has been built on a decentralised model, where operational sites are at the core. This organisation, based on autonomous centres, strengthens entrepreneurial spirit and each individual's sense of responsibility within their area of activity. It enables a balanced distribution of roles and responsibilities between central and local levels, and allows for a better response to the specificities of each market and customer.

This structure also promotes skills development, internal mobility and talent advancement.

People, the Group's ąreatest asset

Fair sharing of value

Employee share ownership is at the heart of the Group's DNA. It has been a fundamental pillar of its growth model for over 30 years. With over 74% of its capital owned by its management and employees, STEF demonstrates how employee involvement drives shared value creation.

74%+

of the capital is owned by management and employees

This ownership structure strengthens the engagement and motivation of its 26,000 employees, all of whom contribute to the Group's performance. It promotes a long-term vision, aligning individual interests with collective goals of growth and profitability.

This win-win approach also fosters employee loyalty and nurtures its unique corporate culture, providing a significant competitive advantage in a demanding sector.

A place of opportunity and ambition

The Group places internal mobility, training and talent identification at the heart of its HR policy, with a clear objective: to develop employees' skills and support their career progression within the organisation.

Through a comprehensive approach combining a recognised training institute, the Institut des Métiers du Froid, an in-house training department and partnerships with leading educational institutions, each employee benefits from personalised tools and development pathways tailored to their needs and the evolution of their role, strengthening both technical and behavioural skills.

Annual reviews and individual follow-ups enable the identification of potential, guidance of career paths and the development of tailored development plans.

The result is clear: over 70 % of managerial positions are filled internally, demonstrating the Group's commitment to valuing its teams' talent and building an organisation based on expertise, experience and career progression.

15

70%+

of managerial positions are filled through internal progression

A forward-looking management model

The STEF Group's management culture is based on a continuous improvement approach, grounded in operational realities and societal expectations. It is based on six pillars that guide teams in their daily work:

• People Care: place employees at the centre of concerns by promoting fulfilment, wellbeing and professional development.

• Autonomy and responsibility: give employees the freedom to act, while taking full responsibility for decisions and results.

• Customer Care: embody the customer relationship, ensuring that needs are anticipated, understood and met promptly.

• Entrepreneurship: acting as a driver of performance, committed to growth and innovation.

• Aąility: adapt quickly to change and know how to steer operations in a constantly evolving environment.

• Collaboration: encourage teamwork, the sharing of best practices and synergy both within the Group and with partners.

Developiną a sustainable model

‌Developing a sustainable model

By combininą a loną-term vision, major sustainable investments and concrete actions, the STEF Group has built a resilient and responsible business model. Its CSR commitments ensure both the continuity of its operations, the satisfaction of its customers and its teams, and its contribution to a more sustainable world.

A sustainable growth model

The STEF Group has always placed sustainability at the heart of its values and priorities, recognising that managing its environmental impact is a key challenge for the planet and future generations. Its 2022-2026 strategic plan "Committed to a sustainable future" not only addresses the environmental, social and societal challenges facing the food supply chain, but also guides

its development towards a more resilient and responsible business model. By developing innovative solutions with lower emissions and adopting a structured approach to its investments and technologies, STEF is building a sustainable business model aligned with 21st-century climate challenges.

Developing an ambitious environmental policy

16

Since 2021, the STEF Group has formalised a clear and measurable roadmap through its Moving Green approach. Structured around four key objectives, it aims to:

• reduce its vehicles' greenhouse gas (GHG) emissions by 30%;

• use 100% low-carbon electricity for buildings;

• actively support the Group's subcontractors in reducing their GHG emissions;

• involve all teams through training and communication.

Led by the Sustainable Development Department, this approach is now being applied across the Group's entire geographical footprint. It is implemented locally through roadmaps and a network of 20 national representatives.

Implementing concrete solutions for sustainable decarbonisation

To achieve this, STEF combines innovative and structured actions, from optimising kilometres travelled to eveloping less energy-intensive logistics infrastructure. The Group has invested in alternative energy vehicles (electric, hybrid, biofuel) and in electrically powered refrigeration units. It is also developing its own renewable energy production facilities, with photovoltaic power stations, wind turbines and hydrogen production. Finally, it is optimising its energy consumption using technologies based on artificial intelligence, particularly for managing refrigeration systems in its buildings. In support

of these initiatives, the Group has had an energy

management system (EMS) in France for over ten years, and all its production sites are ISO 50001 compliant.

These measures have reduced fuel and electricity consumption by 10% and 20% respectively in just five years. Regular audits, gradual equipment renewal and continuous team training ensure the sustainability of these results.

STEF is now entering a new phase with the implementation of a climate adaptation plan and will progressively integrate the scope of indirect emissions (Scope 3) into its GHG emissions, thereby aligning its strategy with global objectives in the fight against climate change.

Developiną a sustainable model

17

A strong commitment to diversity and inclusion

The STEF Group is committed to guaranteeing equal conditions of access to employment, training and career development for everyone by tackling structural inequalities and ensuring that each individual can thrive in their role.

To achieve this, it has set itself a clear and ambitious target: to increase the proportion of women in the workforce by 25% by 2030. This initiative, called MIX'UP, tackles stereotypes, limiting beliefs and persistent inequalities in these traditionally male professions.

Since 2007, it has also been promoting the inclusion in working life of people with disabilities. In France, the Group has achieved a rate of 7.6% of employees with disabilities.

These two initiatives help build a more balanced working environment that benefits the entire STEF community.

Positioning itself as a positive agent of change

The Group places people at the heart of its strategy, recognising that its stakeholders are key drivers of its sustainable growth.

By meeting consumer expectations in terms of traceability, respect for resources and fair working conditions, STEF is contributing to a more responsible economic model.

It is actively involved in supporting local communities by backing social initiatives such as assisting people experiencing food insecurity in partnership with

Restaurants du Cœur, Banco Alimentario and Pane Quotidiano, and supporting young people's entry into the workforce through sport, notably via Sport dans la Ville.

Lastly, by involving its main stakeholders in its development, STEF strengthens its resilience and adaptability, as well as its roots in the communities it serves, by becoming a committed player serving the public interest.

Innovatiną and transforminą

‌Innovating and transforming

Reduciną environmental impact, respondiną to new forms of food retailiną, day-to-day employee experience, and technoloąical and societal chanąes are major areas of investiąation and innovation for the STEF Group.

A structured approach

Since 2020, STEF has embraced innovation by establishing a team within the Transformation Department responsible for steering and driving innovation across the Group.

Its approach is pragmatic and focused on creating value for its customers and employees, with particular attention to its environmental and social impacts.

It draws on a network of motivated people throughout the Group, combining the expertise of the support functions with the energy of subsidiary teams.

Addressing the challenges of the agri-food sector, societal issues, regional realities, operational models and technological opportunities (automation, AI) provides constant motivation.

Anticipating changes and identifying opportunities

18

By analysing innovation trends, mapping them through a radar approach and monitoring the ecosystem of active or potential partners, the Group is able to address issues proactively as they mature.

This approach has proven successful, with the rollout and deployment of numerous projects over several years.

r

e

f

r

i

ą

R

e

e

r

a

a

l

t

i

e

o

s

n

t

a

&

t

e

e

,

n

e

r

ą

y

V

e

B

2

B

c

u

s

t

o

m

e

r

r

e

l

a

t

i

o

n

s

L

o

ą

i

s

t

i

c

s

&

t

r

a

n

s

p

o

r

t

s

e

c

t

o

r

The trends radar

The Innovation approach was stepped up this year with the structuring of open innovation, as illustrated by the first Open Innovation Event, bringing together external innovation stakeholders such as customers, suppliers and partners. This initiative complements the existing internal awareness, training and incentive programmes (Innovation Day, Innovation Awards, etc.) already in place.

46

44

3

45

43

4

5

42

41

9

40

2

38

1

10

39

37

7

8

6

33

29

11

30

36

12

13

17

31

26

25

14

32

18

27

15

34

16

35

21

28

19

20

22

23

24

s

e

e

y

o

l

p

m

E

s

r

o

t

u

b

,

s

i

r

r

t

e

s

i

m

d

u

&

s

n

s

o

e

i

C

r

t

s

u

d

n

i

ą

a

r

o

t

S

l

a

t

i

ą

i

d

&

T

I

Current trends (0-2 years) Short-term trends (2-5 years)

Medium-term trends (5-10 years) Long-term trends (+10 years)

1. Digital twin

2. New materials

3. SMR reactor

4. Cold / energy prod. and storage

   h

5. Construction automation

   i

   c

   l

   e

   s

6. Alternative fuel

   &

   f

7. Fast-charging forklifts

   o

   r

   k

   l

   i

8. Electric trucks and semi-trailers

   f

   t

   s

9. H2 HGVs

10. Outdoor autonomous vehicles

11. Drone

    s

    c

    i

    t

    s

12. Indoor mobile robots and GTP

    i

    ą

    o

    l

13. Robotic picking

    a

    r

    t

    n

14. RTLS

    i

    &

    e

15. Ambiant IOT

16. Humanoid robots

17. AI / ML

18. Gen. AI

19. VR/AR

20. AI cybersecurity

21. Local AI

22. Quantum computing

23. AGI

24. Neuralink

25. Handling assistance

26. Futur of work

27. Connected health and protection

28. Active exoskeletons

29. Real time

30. E-com.

31. New diets

32. Local

33. Life hub store

34. Silver economy

35. Out-of home

36. Synthetic food

37. Collaborative

38. Everything As a service

39. Environ. Monitoring

40. Circularity

41. Decentralised identity

42. Rail freight

43. Smart cities

44. Space economy

45. CO2 capture centres

46. Land optimisation

Our areas of expertise in support of operations

‌Our areas of expertise in support of operations

A strateąic player in the Group's development, the Group Operations Department embodies multidisciplinary know-how, mobilisiną 80 enąineers and project manaąers to help the Group's operational and commercial functions assist their customers and enhance the performance of their activities. By conductiną detailed analysis of all components of the aąri-food supply chain, developiną its technoloąical and reąulatory monitoriną and throuąh experimentation, its teams contribute to the development of efficient loąistics tools tailored to the needs of their markets, both now and in the future.

Performance and growth objective

The Group Operations Department supports the operational teams in growing their activity, improving their performance and adapting to changes in the market. It also prepares the future of their business model and acts as a lever for skills and innovation, ensuring

that the ways in which the Group's various business lines are managed are consistently aligned with market challenges, customer requirements and technological developments. It thereby guarantees performance, compliance and responsibility. Its structured, proactive approach positions the Group as a trusted partner serving its customers and capable of meeting the challenges of tomorrow.

A key role in structuring operations

It ensures the proficiency and dissemination of operational expertise, adapting it to the specific needs of the Group's customers. Its objective is to study their supply chain projects in order to improve performance. Thanks to their collaboration with the Group Operations Department, the operational teams can implement reliable, competitive and sustainable solutions and enhance the operational response to customer requirements. Its role also includes preparing the Group's future by analysing the various components of supply chain evolution. Finally, it supports the Group's customers in the continuous improvement of their logistics systems by being proactive and making proposals, and by adapting to current patterns and emerging requirements. The development of new robotised order-picking solutions, as at the Miramas, Chaponnay and Saint-Dizier (France) and Getafe (Spain) sites, is part of this approach and marks a concrete step forward in the modernisation of logistics processes.

Support for digital transformation and sustainability

19

As the main partner of the IT teams, the Group Operations Department is actively involved in the Agil'IT project, supporting the deployment of digital tools such as M-Track and Infoquai, which modernise processes and improve operational efficiency. It is also involved in the deployment of an integrated alerting solution that monitors the temperature in vehicles and warns operators of any anomalies. Furthermore, in an environment of energy and technical transition, its dynamic approach is contributing to the electrification of the HGV fleet and

to the use of innovative equipment, as part of the Group's sustainability strategy. These solutions are part of a

long-term vision, anticipating changes in professions and customer expectations, and incorporating regulatory and technical developments.

Our IT and diąital expertise

‌Our IT and digital expertise

The STEF Group places control of its information systems and diąital transformation at the heart of its strateąy. To achieve this, it develops innovative solutions desiąned to provide better support for its customers, improve its operational performance and accelerate the diąitisation of its activities. In 2025, major projects marked a turniną point in the adoption of AI,

aąility and technoloąical innovation, confirminą the Group's ability to remain at the forefront of the food supply chain sector.

Strategic control of information systems

20

The STEF Group has long had a policy of internal control over its information systems. Within its STEF IT subsidiary, it develops and delivers bespoke digital solutions to assist transport and logistics operations while driving its overall digital transformation.

Its activities cover the evolution of business systems (TMS, WMS, Track & Trace, portals and mobile applications for customers and recipients, etc.), digital transformation and the integration of AI, the adaptation of market management software (ERP,

CRM), as well as the publishing of specialist software for fresh product supply chains. The result: high-performance, user-friendly tools tailored to teams' needs, contributing to operational efficiency and customer satisfaction.

Digital solutions to enhance performance

The Group is continuing its digital transformation by developing advanced solutions based on AI, the Internet of Things, robotisation and data analysis. These technologies are actively tested and scaled internally, with the constant aim of optimising the operational performance, responsiveness and efficiency of logistics and transport processes. Thanks to a proactive approach focused on business needs, the Group is positioning itself as an innovative and agile player in a sector undergoing constant change.

1

Partner to the food industry

Our IT and diąital expertise

Agil'IT: an agile and operational transformation

In 2025, the Group launched the Agil'IT project, marking a major transformation of its IT operating model. Based on the SAFe (Scaled Agile Framework), this project aims to improve the responsiveness and quality of the IT solutions delivered. More than 130 employees are now working in agile mode, with quarterly deliveries. This approach accelerates the time to market for business functionalities, while guaranteeing better quality of service, transparency of investments and easier adoption by users. The TMS and WMS systems particularly benefit from this transformation, providing more efficient tools adapted to the Group's growing needs.

STEF AI: a trusted AI

The STEF Group has developed its own proprietary and secure generative AI, called STEF AI. This solution, which is accessible to all employees, improves daily efficiency thanks to features such as document synthesis and access to STEF knowledge in all languages. To encourage adoption, AI workshops are regularly held, enabling teams to take ownership of these technologies.

AI governance is ensured by an AI Committee made up of six Executive Committee members, guaranteeing responsible use and compliance with European regulations. In 2025, 1,000 employees were trained in generative AI, illustrating the Group's commitment

to digital transformation.

21

Upskilling and developing IT talents

The STEF Group has embarked on an ambitious strategy to recruit and train IT talent. In three years, the IT workforce has grown by 25%, with targeted recruitment in Belgium, Switzerland and Portugal. A Chief Information Officer is now present in each country of operation, strengthening local expertise and operational support. In

2025, 50% of IT employees received training, illustrating the Group's commitment to supporting skills development and the modernisation of tools. Investment in skills and human resources enables the Group to maintain a competitive edge in a constantly changing environment.

2025 KEY FIGURES

330

employees

197

warehouses managed using the Group's WMS tool

242

branches equipped with the Group's TMS tool

1,000

employees received generative AI in-person training

1

Partner to the food industry

Our real estate expertise

‌Our real estate expertise

Throuąh its Real Estate Division, the STEF Group has developed leadiną expertise in the development and manaąement of its real estate assets and in the production of sustainable and secure enerąy. In 2025, IMMOSTEF manaąed over 55 projects in 8 countries, while consolidatiną the Group's land reserves to anticipate its future needs. This strateąy is part of a sustainable framework, optimisiną costs, deadlines and environmental impact.

Comprehensive expertise in logistics and energy real estate

The Real Estate Division provides support to Group entities throughout the entire life cycle of their assets, wherever the Group operates.

Upstream, its teams are responsible for finding strategic land, negotiating with local authorities and landowners, and designing spaces that meet operational needs in logistics and transport. This is supported by a high level of expertise in urban planning, environmental regulations, sustainable development and construction in

order to guarantee the completion of quality projects at optimised costs and deadlines.

After project delivery, building operations are managed by the technical teams, ensuring optimised rental and operating costs.

This structured approach ensures efficient and sustainable management of the Group's real estate portfolio.

22

1

Partner to the food industry

Our real estate expertise

Real estate development across eight European countries

In 2025, 17 new sites and 12 extensions were acquired, delivered or are under construction, representing more than 200,000 m² of developed space and 1.5 million cubic metres of temperature-controlled capacity. These achievements reflect the Group's commitment to strengthening its presence in its strategic markets. At the same time, a proactive approach was taken to build land

reserves in response to increasing pressure on land availability in Europe. In 2025, eight sites with undeveloped land were acquired in Spain, Belgium, Italy, France and the Netherlands, and nine purchase commitments were signed in the UK, Spain and France, bringing the stock of land reserves to 186 hectares.

200,000 m2 1,000,000 m3

developed in 2025 temperature-controlled volume

Proactive and sustainable management of real estate assets

Against a backdrop of growth, the STEF Group has implemented a strategy to rebalance its portfolio

of real estate assets and platforms. As a result, the Real Estate Division has taken over the marketing and development of around 20 non-strategic assets, helping to optimise the allocation of resources and enhance

the Group's flexibility. This approach is part of an asset rotation strategy that frees up funds

while maintaining a solid portfolio structure. The Group is also committed to sustainable development, integrating environmental standards and regulatory requirements into every phase of the design and construction of its projects. This focus on ecological and social issues guarantees the sustainability of its assets and strengthens its local roots.

23

‌Our activities

24

STEF / 2025 Annual report

25

Our two operating segments

STEF / 2025 Annual report

‌STEF France

STEF France's revenue increased by 2.5% compared with 2024, to €2.4586bn. Food consumption in France returned to ąrowth after two consecutive years of decline. Moderate inflation larąely explains the rebound in food consumption. The consolidation of major retail players, which was particularly pronounced in 2023 and 2024, continued in 2025. Several areas of STEF France, particularly the Mass-Market Retail and Frozen Foods BUs, are affected by this structural market reorąanisation.

Chilled Products

Against a backdrop of shrinking food production in France and reorganisation among mass-market retailers, revenue for the Chilled Products BU remained stable (+0,1%). However, the mix of activities shifted, with stronger demand for retail distribution to the foodservice sector and local food shops.

The operating margin was maintained thanks to good cost control and continued investment in information systems to improve operating efficiency.

26

The opening of the Mauguio site, near Montpellier, and the extension of the Fauverney site, near Dijon, strengthened the distribution network.

Fresh Supply Chain

2025 saw a rebound in fresh product consumption, both in volume and value, driven by stronger demand and more moderate price effects than in previous years.

In this environment, the Fresh Supply Chain business rew by 4.9%, supported by the integration of new customers. The growth in business was accompanied by an improvement in operational performance, particularly in transport, thanks to better consolidation of flows and optimisation of the system, contributing to an improvement in service quality.

+4.9%

growth in the Fresh Supply Chain business

At the same time, the BU is continuing to invest, with the roll-out of projects to mechanise and automate layer and parcel picking. These innovations are designed to improve productivity and meet customers' growing demands in terms of reliability and lead times.

The STEF Reverse solution was launched. It is designed to help customers manage their packaging more securely and reduce the CO2 emissions linked to pallet repositioning.

The MOVING GREEN commitments were met, with a 29% reduction in CO2 emissions per tonne-kilometre from transport activities compared with the baseline year (2019).

29%

reduction in CO2 emissions per tonne-kilometre of transport activities compared with the baseline year (2019)

Frozen food

Activity in 2025 was heavily impacted by the loss of the BU's largest customer at the end of 2024 and by low stock levels during the first half of the year. Business development with agri-food manufacturers and the significant increase in consumption of frozen products in the mass-market retail sector helped limit the decline in revenue in 2025 (-1.1%). Warehouse occupancy rates returned to a more favourable trend from

the second half of the year, ending the year at 87%, a level comparable to the previous year.

The BU continues to modernise its facilities with the delivery of a new combined logistics and transport site in Cavaillon, with a capacity of 100,000 m3 and the start of work on two logistics warehouses in Moréac, near Vannes, and in Metz.

TSA (Ambient and Dry Food)

The grocery market showed mixed trends in 2025. Savoury grocery products saw moderate growth, while sweet grocery products increased in value but declined in volume, reflecting consumer trade-offs.

Against this backdrop, the Ambient and Dry Food business grew by 5.2%, driven by the commencement of new contracts and by the strengthened positioning in value-added offerings. A key project for a leading chocolate manufacturer will be deployed at the end of the first quarter of 2026 at a new 36,000 m² site north

of Orléans.

+5.2%

growth in Ambient and Dry Food activity

Transport operations continued to improve, with optimisation of flow management, fleet utilisation and load factors, contributing to better service quality. The BU also accelerated the development of e-commerce and co-packing activities. Overall, this forms part of a growth strategy based on a competitive, industrialised and high-quality offering.

Foodservice

During the year, the out-of-home dining market

in France was shaped by consumers making economic trade-offs in their food choices. Operators offering strong "quality - value - price" positioning strengthened their market position, including institutional catering and bakery snacking offerings. In response to this trend,

fast food chains that had driven the market since the Covid period continued opening outlets, but average sales per location declined, with new openings primarily maintaining existing volumes.

Revenue in the Foodservice BU rose strongly (+15.2%), driven by organic growth from existing customers, but also by the addition of new customer types (trattorias, self-service, bakeries, doughnuts and retail kiosks). These benefited from the investments made in the BU's real estate infrastructure in 2024. Combined with the full-

year effect of contracts launched in 2024, these new customers account for nearly two-thirds of growth achieved in 2025.

27

+15.2%

growth in the Foodservice business

The BU is continuing its drive to build new premises, with the opening of the Bédée site near Rennes in June 2025 and the expansion project under way in Custines, near Nancy. It now has an operational setup of 10 tri-temperature sites, enabling it to anticipate strong growth potential in its dynamic and specialised market.

Mass-market retail

The activity of the Mass-Market Retail BU is centred on the contractual logistics model, which combines storage and order preparation activities for the main mass retail brands, on B to B and B to C activities.

In 2025, revenue rose by +10%, with business volumes boosted by the full-year impact of contracts launched in 2024 and by growth in e-commerce on sites dedicated to home delivery for a major retail player.

Driven by the full-year impact of sites launched in 2024, B2B activity recorded strong growth (+7.9%).

The food e-commerce business also grew by +7.9%, driven by the expansion of home delivery services at the Rungis and Vitry sites in the Paris region, and at the Vénissieux and Aix-en-Provence sites, near Lyon and Aix-en-Provence respectively. The start of new

projects at the Lieusaint site, dedicated to pure players in the food e-commerce sector and manufacturers seeking to develop direct-to-consumer channels, further strengthens the network.

The BU recorded only one declining e-commerce activity: order preparation for drive-through collection at

Aulnay-sous-Bois in the Paris region. The customer has indicated its intention to bring this activity back in-house within its own stores during 2026.

+10%

growth in Mass-Market Retail activity

+7.9%

growth in e-commerce activity

28

Seafood

The seafood market continues to be marked by a structural decline in volumes, while value remains stable, supported by price increases.

The BU's revenue rose by 2.4%, driven by the development of service activities for a retail customer at the Toussieu site near Lyon and Bègles.

+2.4%

growth in Seafood activity

However, this growth was offset by declining transported volumes, which continue to weigh on operating margins.

With a view to streamlining its operations, in early 2026 the BU opened a new hub in Frontignan, bringing together the activities previously carried out in Lézignan-Corbières and Frontignan.

Packaąiną

The BU brings together the Group's expertise in co-packing and co-manufacturing. It supports its customers in packaging and showcasing their products in the fresh, frozen and ambient categories.

In 2025, revenue continued to grow with an increase of

+18.2%, driven by the BU's longstanding customers and newly developed non-food activities. The scope is now taking full advantage of the commercial and operational investments made since its creation in 2019.

+18.2%

growth in Packaging activity

International Flows

The low level of growth in the eurozone in 2025, combined with strong pressure from customers on prices and transport models, impacted revenue for the BU, which recorded only modest growth (+1%).

29

At the same time, subcontracting costs continued to rise, mainly as a result of falling capacities in the market.

Despite these constraints, the International Flows activity managed to maintain its balance.

FTL activity

Following a launch phase marked by 26% growth in 2025, the FTL (Full Truck Load) offering demonstrates that it meets genuine customer demand. The increase in consolidation among manufacturers is mechanically driving demand

for full truckload transport, while the growing shortage of available capacity (due to transport company failures and a reduction in foreign subcontracting) is amplifying the trend.

The Group's FTL solution, which was created to handle year-end campaigns for chocolate manufacturers, has proven robust and achieved a coverage rate close to 100% in 2025.

Operational indicators are improving, making it possible to target break-even in 2026.

‌STEF International

In 2025, STEF International reported revenue up 9.7% to €1.9735bn (+4.5% on a like-for-like basis). With the inteąration of Caveąn in Switzerland on 1 October 2025 and the full-year impact of operations completed in 2024, the scope effect represents a contribution of €96.4m for the year.

Italy

2025 closed with revenue growth of +3.6%, driven by strong domestic and international transport activity. The Frozen BU continued to be affected by the consequences of operational incidents that occurred during works at the Fidenza site in autumn 2024. The Fresh Supply Chain BU confirmed its strong performance.

+3.6%

revenue growth

30

To achieve balanced network coverage across the country, STEF Italia opened two new sites in Padua and Florence. These developments support its long-term growth ambitions in Italy.

The year's performances were severely impacted by the self-adjustment process undertaken with the Italian tax authorities in relation to VAT collected but not remitted by certain suppliers and service providers.

In Italy, dock operations were traditionally outsourced to external cooperatives. In recent years, STEF Italia has launched a major programme to bring these operations in-house. As at the end of 2025, 57% of STEF Italia subsidiaries had integrated employees from these cooperatives into their workforce.

As part of the MOVING GREEN initiative, STEF Italia continued to modernise its subcontractor fleet, aiming for 100% Euro VI vehicles by 2027, alongside its own fleet.

As part of real estate investments, a new warehouse will be built in Cagliari, Sardinia,

by the end of 2026.

Spain

In 2025, STEF Iberia's revenue grew +14.3%, driven by strong commercial momentum across all its activities.

+14.3%

revenue growth

The acquisition of the company Montfrisa in 2024, positioned in the Frozen segment, proved to be a strong growth driver thanks to the complementary nature of its activities.

In 2025, STEF Iberia established itself as a benchmark for quality in the market, reinforcing its leadership position. Customers value the relevance of its network, the strength of its social model and the reliability of its processes.

On the commercial side, STEF Iberia has diversified

its offerings by building strong partnerships with regional retailers. Furthermore, to support growth and strengthen the Group's presence across the country, seven new hubs were opened in 2025: San Sebastián, Alicante, Cádiz, Irun, Logroño, Madrid and Barcelona South.

In terms of CSR, STEF Iberia is pursuing its ecarbonisation pathway with the complete modernisation of the fleet to 100% Euro VI, the integration of an electric vehicle, the deployment of duo-trailers and the use of HVO fuels.

This investment policy will continue in 2026 to consolidate the Group's presence in the fresh and frozen markets.

Portuąal

In 2025, STEF Portugal posted revenue growth of +3.6%, supported by a particularly strong performance

in the second half of the year.

+3.6%

revenue growth

The unstable political and social climate did not encourage a recovery in food consumption, which had a negative impact on stocks of food products, particularly frozen foods, which are now at lower levels than the previous year.

The end of 2025 saw the opening of the Maia site in the north of the country, near Porto. This new addition will densify STEF's transport network in Portugal to support customers in the agri-food industry more closely in their logistics needs. It offers strong development potential for 2026.

STEF Portugal also took an important step in its customer service approach with the roll-out of the CRM tool that enhances proximity and responsiveness in customer relationships.

Lastly, the renewal of IFS V3 Logistics certification for all its platforms demonstrates STEF Portugal's ongoing commitment to consumer care, one of the Group's strategic focuses.

Beląium

The acquisitions of Transwest, a leader in frozen transport, at the end of 2023 and TDL Fresh, specialising in national groupage transport, in 2024, enable STEF Belgium to offer a wide range of services and national coverage.

In 2025, revenue rose by 26% (1.2% on a like-for-like basis), driven by the full-year impact of the acquisition of TDL Fresh. However, the year was affected by two negative factors: the integration of TDL Fresh, which was more complex than expected, and the decision by a longstanding customer of the Courcelles site to cease operations, resulting in closure costs for the subsidiary concerned.

+26%

revenue growth (1.2% like-for-like)

The creation of a Frozen business unit in 2025 is one of the year's success stories. The next challenge will be to optimise all the platforms within its transport network.

31

Netherlands

With the acquisition of Bakker Logistiek in 2024, STEF Nederland has become a leading player in temperature-controlled services in the Netherlands, with a network of six points throughout the country: Rotterdam, Bodegraven, Eindhoven, Raalte (two sites), Zeewolde (two sites), Tilburg (two sites) and Heerenveen.

2025 was devoted to harmonising the information systems with those of the Group. At the same time, a reorganisation of flows, particularly international flows, was carried out between the sites to improve network coherence.

Despite these structuring actions, the fall in consumption continued to impact the volumes transported, in particular international flows, and revenue decreased (-4.3%).

Nevertheless, STEF Nederland remains focused on a long-term strategy. To support growth in the years ahead, storage capacity at the Zeewolde site has been increased and contracts with key transport and logistics customers have been secured.

Finally, against a backdrop of almost full employment in the country, STEF Nederland is focusing on employee retention and its appeal in the market. Its efforts have been rewarded with "Top Employer" certification.

Switzerland

STEF Switzerland took an important step in its development in 2025 with the acquisition of the temperature-controlled business of Cavegn, a company specialising in transport and logistics. This transaction, completed on 1 October, transforms STEF Switzerland's network and position in the temperature-controlled food transport market within the country.

During the first quarter of 2025, STEF Switzerland integrated a major frozen logistics contract. This case required a complete operational reorganisation, within a record time, thus demonstrating the ability to handle large-scale projects.

STEF Switzerland's revenue grew 40.6% in 2025, of which 7.2% on a like-for-like basis.

+40.6%

revenue growth (7.2% like-for-like)

United Kinądom

STEF Langdons specialises in groupage of fresh and frozen products for wholesalers, hospitality and retail grocery sectors.

In 2025, the persistently sluggish UK economic environment continued to affect food consumption, hotels and leisure, and, as a result, the Group's activities in the country. However, volume growth was noticeable in the final quarter.

STEF Langdons nevertheless posted revenue growth of

32

+11% (3.1% like-for-like), boosted by the full-year effect of integrating the Scottish transport company Long Lane Deliveries, acquired in the second half of 2024. It also managed to maintain a good operating profit thanks to tight control over its operations.

+11%

revenue growth (3.1% like-for-like)

STEF Langdons continues to structure its real estate portfolio in the UK and as part of this has acquired the real estate and business operations of GXO Peterborough, which the company has operated as a tenant for many years. This transaction enables the

consolidation of its network. The site will be completely rebuilt in line with Group standards.

European flows

STEF Eurofrischfracht (EFF) operates in the European flows market, mainly on the North-South and South-North routes, with a strong focus on flows to and from Germany. It leverages its expertise to serve European manufacturers and the retail sector.

The growth in volumes handled, underpinned by dynamic sales activity and the ramp-up of logistics services, confirms the attractiveness of its offering to manufacturers and retailers.

In this regard, STEF Eurofrischfracht has committed to the construction of a new real estate complex in Strasbourg.

+15.1%

revenue growth

Note: Information on percentage changes in the French and International businesses by BU and by country is provided for reference only and has not been audited. The notes to the Group's consolidated financial statements presents data by segment, in accordance with IFRS 8: France and International.

33

Expandiną our presence in Switzerland

‌Expanding our presence in Switzerland

In 2025, the STEF Group finalised the acquisition of Christian Caveąn AG, a major player in food transport in Switzerland. This transaction confirms the Group's ambition to build an inteąrated ecosystem, where each link strenąthens the others, and to create a new benchmark entity in the Swiss market.

Complementary offerinąs between two established players

A recognised player in the refrigerated and frozen warehousing market, STEF Switzerland now complements its offering with a transport network covering the whole of Switzerland. Together, STEF Switzerland and Christian Cavegn AG cover all geographical areas of the country

and offer a comprehensive and integrated range of services to their customers. This new entity also offers Swiss food manufacturers privileged access to the STEF Group's European network, guaranteeing them continuity and service excellence.

Synerąies serviną customers and employees

34

The integration of Christian Cavegn AG into STEF Switzerland is based on a value creation approach. Players in the agri-food sector can now rely on a provider capable of handling their needs across the entire transport and logistics value chain, guaranteeing them more efficient and secure management of their flows. As for the teams, they retain their proximity and agility in serving their customers, while benefiting from the resources and expertise of the STEF Group.

CHRISTIAN CAVEGN AG IN FIGURES

The STEF Group is thus opening a new chapter in its presence in Switzerland, which began in 1927, and strengthening its ability to keep pace with changes in a constantly evolving sector.

DISTRIBUTION OF STEF AND CAVEGN SITES IN SWITZERLAND

Möhlin (at STEF)

Bâle

Family business founded in 1916

450

employees

Bussigny

Kloten

Schafisheim

Gossau

Landquart

(HQ)

400

vehicles

9

transport platforms

Cadenazzo

Sion

‌Outlook

Partner to the food industry

1

Outlook

2025 has proved to be challenąiną, both for the Group and for players in the transport and loąistics sector, faced with moderate European ąrowth.

In 2026, STEF will work to lay the foundations for restoriną performance throuąh:

1

operational efficiency and quality of service, which underpin the Group's strenąth with its customers

2

finalisiną synerąies from external ąrowth transactions carried out in Northern Europe in 2024

3

inteąration work and the implementation of synerąies with the company Caveąn in Switzerland

35

All this, while continuing to support digital transformation projects, pursue real estate investments and, in the background, uphold STEF's commitments to the energy transition.

36

2

‌Sustainability report

1. General information

2. Environment

3. Social

4. Business conduct

39

50

79

102

37

STEF / 2025 Annual report

Preamble

2025 was marked by the strenątheniną of the Europeanisation of the Group's flaąship CSR proąrammes. As part of the MOVING GREEN proąramme, the new Tinténiac wind farm in Brittany was ramped up over the course of a year. At the same time, 27 photovoltaic power stations were commissioned, brinąiną the number of active stations within the ąroup to

84. Deliveries of new B100-powered vehicles continued in France, and HVO beąan to ąain ąround in Europe, particularly in Italy.

2025 strenąthened the momentum built up over several years in terms of ąender equality throuąh the MIX UP initiative, which is now deployed in all countries and has doubled its number of representatives to 135. This initiative was also reinforced by the inteąration of a component addressiną the fiąht aąainst sexism.

The KEEP IT SAFE proąramme on health, safety and workiną conditions was launched across the Group with a dedicated communications campaiąn. Similarly, the Group affirmed its intention to roll out ambitious Handicap policies across all countries, capitalisiną on around 20 years of experience in France.

Followiną the introduction, in the final quarter, of a proąramme adapted to Swiss

reąulations, employee share ownership is now deployed across all the Group's countries.

Followiną the Netherlands, Italy and Portuąal, Spain beiną awarded the TOP EMPLOYER label now allows the Group to benefit from this label across its entire scope.

2025 was marked by an increase in enąaąement on CSR issues with the Group's stakeholders, in particular its customers.

38

Our major proąrammes

Main labels and certificates

STEF / 2025 Annual report

Chapter 1.

‌General information

39

STEF / 2025 Annual report

2

Sustainability report

General information

1. Introduction (ESRS2)

   1. Basis for the preparation of disclosures

      1. GENERAL BASIS FOR THE PREPARATION OF SUSTAINABILITY DISCLOSURES

Scope of the sustainability report

The Group declares that this sustainability report forms an integral part of the Group management report, as required by article L. 233-28-4 of the French Commercial Code (hereinafter the "Sustainability Statement") and that it has been prepared in accordance with the requirements set out in the ESRS on the one hand, and Article 8 of Regulation (EU) 2020/852 regarding taxonomy disclosures on the other, applicable as at the date of its preparation.

For the preparation of this report, the Group applied the provisions relating to the EU directive known as the CSRD. The Group therefore endeavoured to apply the requirements set out in the ESRS and the European taxonomy applicable at the date the Sustainability Statement was drawn up, based on the information and knowledge available at the time of its preparation.

In accordance with CSRD requirements, the Group's value chain is fully covered in this report.

40

In particular, this Group Sustainability Statement is characterised by contextual specifics linked to 2024, the first year of application of CSRD requirements.

COMPANIES ACQUIRED IN 2024 / KEY METRICS

All acquisitions completed in 2024 and 2025 (Cavegn in Switzerland, XPO Peterborough in the UK and Laucqué in France) are included in this report with reąard to

2025 data.

Certain information required under ESRS standards was not available at the reporting date of 31 December 2024 due to difficulties related to the absence of data or the estimation of such data, or to the time required to implement reporting tools to collect, isolate and process this information.

For 2025, the number of unpublished data points has been reduced. The Group is still waiting for the regulations to apply the simplification principles set out in the OMNIBUS directive, in order to publish from 2026 the missiną data points that will still be required, thereby meeting its commitment to publish 100% of the required data points. The list of undisclosed data points is available in Appendix 11.

Acquisitions made between 1 January 2024 and

31 December 2024 were excluded from the scope of consolidation. Data that could not be collected are listed in the table below. These entities were excluded from the 2024 CSRD scope and the 2024 data included in this 2025 CSRD report are therefore identical to those published last year to ensure proper comparability.

STEF / 2025 Annual report