2025 Half-Year Financial Report

1. MARKET ENVIRONMENT AND TRENDS IN THE 1ST HALF OF 2025 6

2. ACTIVITIES OF THE STEF GROUP IN THE 1ST HALF OF 2025 7

3. OUTLOOK FOR 2025 11

4. EXPERTISE CENTRES 12

5. HUMAN RESOURCES 14

6. SOCIAL AND ENVIRONMENTAL RESPONSIBILITY 15

7. CONSOLIDATED FINANCIAL STATEMENTS 16

1. ‌| MARKET ENVIRONMENT AND TRENDS IN THE 1STHALF OF 2025

   1. An uncertain economic environment

      The first half of 2025 was marked by the global trade war triggered by the United States in January, as well as by the resurgence of tensions in the Middle East. The new US administration's stance on the Russian war in Ukraine has also destabilised the Europeans, calling into question the current functioning of NATO and the accompanying guarantees of peace in Europe.

      This context is fuelling geopolitical, budgetary, fiscal and economic uncertainties, which are encouraging economic agents to adopt a wait-and-see attitude. As a result, European economic growth is more sluggish than expected, albeit with different national situations.

   2. Macroeconomic indicators H1

      GDP - Chanąe from previous quarter Chanąe compared to H2 2024
      	GDP Q1 2025	GDP Q2 2025	Food volumes H1 2025	Food inflation H1 2025
      Eurozone	0.6%	0.1%	0.7%	1.8%
      Belgium	0.3%	-0.1%	1.2%	1.7%
      Germany	0.4%	0.2%	-1.7%	2.5%
      Spain	0.6%	0.7%	2.3%	2.0%
      France	0.1%	0.3%	0.5%	0.9%
      Italy	0.3%	-0.1%	-0.2%	2.2%
      Netherlands	0.3%	0.1%	1.0%	2.7%
      Portugal	-0.4%	0.6%	3.6%	1.7%
      Switzerland	0.8%	0.1%	-0.6%	-1.4%
      United Kingdom	0.7%	0.3%	0.5%	2.6%

      Sources: Eurostat, except for the United Kingdom, ONS (Oəce for National Statistics), and Switzerland (Federal Oəce of Statistics) 05/08/2025 - In stores predominantly food / Excluding alcohol and tobacco.

   3. A hesitant aąri-food sector: between staąnation and recovery

      Agri-food production held up well in Europe, with industrial sales prices rising over the period, despite the fall in the prices of most agricultural commodities and energy.

      With the exception of the Iberian region, which is still very dynamic, food consumption volumes are recovering at a moderate pace. Value sales continue to rise, but at a slower pace than in previous years. Food inflation is higher than headline inflation, which remains contained. A weak signal of a possible recovery, several retailers announced higher sales in the second quarter of 2025.

      Growth in foodservice sales has slowed compared to previous years, including in tourist countries in the Mediterranean arc. Inflation in this sector is higher than food inflation in retail, particularly in fast food.

      France seems to be moving against the rest of the eurozone. While several countries benefited from a peak in growth in the first quarter, underpinned by a surplus of exports as a result of the anticipation of the entry into force of US customs barriers, French growth held up well in the second quarter.A return to normal agricultural production seems to be the cause. The inflation rate in France was also lower than in the rest of the eurozone.

   4. Transport and loąistics: a sector on the lookout for recovery

      The decrease in volumes transported due to the economic slowdown in Europe continued to exert downward pressure on transport prices. Activity remains suspended pending a real recovery in domestic consumption.On the positive side, the number of company bankruptcies, which was historically high for the sector in 2024, has slowed.

      Cost pressure has diminished, starting with energy. Diesel prices fell over the first half of the year as a result of an

      overproduction of oil decided by OPEC. More generally, general operating expenses remained relatively stable in the first half of the year, while wage costs increased by +4.5% and those of rolling stock maintenance by +2.3% in the eurozone.

      Moreover, the lack of visibility has not encouraged professionals in the sector to invest, despite the fall in interest rates.

   5. STEF always listens to its customers

      ‌While the STEF Group is not directly exposed to the vicissitudes of US customs, it remains vigilant about the uncertainties that they pose to some of its customers, suppliers, and partners exporting to the United States.Attentive to their challenges and

      to changes in their expectations, the Group is stepping up its customer focus and continuing its investments to guarantee constant quality of service and develop tailor-made solutions capable of meeting their needs.

2. | ACTIVITIES OF THE STEF GROUP IN THE 1STHALF OF 2025

   2025 half-year revenue amounted to €2,474.1m compared

   with €2,325.2m in the first half of 2024, up 6.4% (+4.0% on a like-for-like basis).

1. 1. STEF FRANCE

      
      
      

      In France, revenue growth remained very moderate (+1.6%), with contrasting trends depending on the markets and activities.

      Growth was more marked in the second quarter (+2.7%), thanks in particular to strong momentum in hypermarkets, supermarkets, and Foodservice (delayed effects from the launch of new activities and new projects, as well as the development of e-commerce).

      Operating income amounted to €60.0m, an improvement compared with the 1st half of 2024, noting that it benefits from income linked to a VAT rebate for the Foodservice BU.Current operating income was down.

      CHILLED PRODUCTS

      Activity within the transport network in France remained stable in a context of little change in food consumption.The period was marked by very high volume volatility, which had the effect of making the management of production resources more complex.

      Sales activity was particularly strong, especially in distribution activities aimed at traditional and local retailers.

      In order to strengthen the service provided to its customers, an extension of the Plessis Belleville site (Oise) has been commissioned. This platform handles distribution and shipments from the north of the Paris region.

      The continuation of actions to reduce GHG emissions resulted in a 27% reduction in emissions at 30 June vs. 2019, the reference year for the Moving Green initiative launched by the Group.

      SUPPLY CHAIN COSTS

      Revenue increased by +3.1%, driven by the growth of certain customers and positive sales momentum, which enabled the launch of several projects.

      At the same time, the commissioning of the extensions to the Plessis Belleville (Oise region) and Mâcon (Saône et Loire region) sites increased the BU's operational capacities, making it possible to improve the fluidity of customer flow management and also to minimise environmental impacts.

      The Supply Chain Expenses BU continues to grow in its market, offering a range of services that is both competitive and differentiating. It is specifically designed to meet the growing needs of distributors in terms of quality of service, delivery times and traceability.

      FROZEN

      The turnover of the Frozen BU was down 2.5% compared to the first half of 2024, notably due to the virtual disappearance, in autumn 2024, of sales generated with the Casino retailer.This loss could not be fully offset in the short term.

      The general economic situation and the high prices of certain raw materials have changed the uses of the BU's industrial customers, prompting them to be cautious in building up inventories, to revise their forecasts downwards and to postpone their inventory inflows. The gap with 2024 has gradually narrowed, but the filling coefficient for frozen warehouses was down 3.2 points over the half-year.

      The handling and transport activities are buoyant, thanks to the relative recovery in consumption of frozen products and, more specifically, the growth in sweet products and ice cream, which has been very significant since April.

      The BU is continuing its real estate reconfiguration and transformation programme, with the commissioning of the new Cavaillon site (Vaucluse region) in autumn 2025 and the launch of the construction of two new warehouses, one in the east of the country and the second in Brittany.

      TSA (AMBIENT AND DRY FOOD)

      Despite a weak market environment, the TSA business managed to post growth of 5.2%, thanks to the integration of new customers and the increase in entrusted inventories. The development prospects are promising, particularly with the award of a major contract in the Orléans region, which is scheduled to start in early 2026.

      The TSA BU continues to strengthen its positioning by offering 100% food-based logistics, co-packing and multimodal transport solutions that meet the specific needs of its customers. This offer is supported by massified transport management, consolidated by the Group's transport network, thus guaranteeing high quality of service and optimisation of flows, while minimising the environmental impact.

      GMS

      The activity of the GMS 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 the 1sthalf of 2025, the BU's revenue increased by +13.5%, with business volumes strongly boosted by the full-year effects of the three new sites opened in the 1sthalf of 2024, as well as by the strong momentum of e-commerce activities.

      This growth was driven by the development of the home delivery business, but also by the positive effects linked to the launch of new projects at the Lieusaint site (Seine et Marne region), a site dedicated to pure players in food e-commerce and manufacturers wishing to develop a direct distribution channel via the Internet.

      SEAFOOD

      The BU's revenue increased by +2.2%. However, this growth covers two trends: a transport activity that posted a slight decline, marked by the virtual disappearance of the Casino brand, and a services activity that increased by 35%, driven by the arrival of a major project at two branches (Lyon and Bègles).

      The outlook for the sector remains positive. A slight improvement in the quantities sold in fishmongers seems to be emerging after three difficult years.

      Lastly, the BU is streamlining its industrial facilities with the delivery by early 2026 of a new platform that will host, in Frontignan, the merger of the Lézignan-Corbières and Frontignan businesses.

      FOODSERVICE

      With revenue up +14.5% in the 1sthalf of 2025, the BU posted strong growth in a context of the catering market that sees its growth still significantly slowed by the residual effects of inflation and tensions on consumer purchasing power.

      Growth does not come from the BU's long-standing customers, who are seeing their average volumes per point of sale shrink, without being able to always offset this fall in volumes by the effects of restaurant openings. It comes mainly from sales momentum, under the effect on a full-year basis of customer files started in 2024 and especially new files from the 1sthalf of 2025.

      In line with the momentum of site extensions carried out in 2024, in June 2025 the BU opened a new site in the suburbs of Rennes (Bédée region), with Burger King being the first customer installed on the site. It also welcomed a new customer to the Tours - Saint Pierre des Corps site.

      The second half of the year will be devoted to optimising the launch of these customer files and new property complexes.

      INTERNATIONAL FLOWS

      The BU specialises in international traffic by road (97% of the BU total) through STEF International and in air and sea freight (3% of the BU total) through STEF Overseas.

      In the 1sthalf of 2025, the BU's activity remained stable, compared to the same period in 2024.

      Sales initiatives helped to maintain volumes in a context of reorganisation of customer flows faced with a sluggish European market.

      Great Britain, the BU's leading destination, continued to implement customs and health barriers at the country's entry, increasing the cost and complexity of transport services. The

      BU's customs services activities are fully legitimate in this context and are continuing to grow.

      Finally, it should be noted that the International Flows BU has just opened its first "rolling highway" line to Great Britain from southwestern France.

      PACKAGING

      The BU's revenue increased by 14% over the half-year, mainly due to the ramp-up of several customer files started in 2024. The business is also growing with most of the Business Unit's existing customers, despite strong competition on the market and marked pressure on margins.

      At the Group level, activity is stable.The recent gain in several customer files in France and Belgium should boost growth in the coming months in an environment that is still unpromising for this business line (decline in consumption, growth in private label brands, decrease in overpackaging).

      FTL (Full Truck Load)

      After one year in operation, with revenue up more than 36%, the FTL business confirms the favourable reception it has received from the Group's customers.Collaborations have been established with the largest clients in this market.

      The main advantage of the FTL solution is the ability to respond favourably to all requests from the Group's customers, enabling commitments to be met at around 100%. To do this, the structure relies on a fleet of around fifty vehicles and structured partnerships with subcontractors. Faced with the rising pressure on operating resources, the business is looking for new partnerships and strengthening its teams, in line with the launch of new projects.

   2. STEF INTERNATIONAL

      
      
      

      With revenue of €953.6m (+11% compared with 2024), STEF International posted a positive trend, driven by the contribution of the recently acquired companies, the economic momentum observed in the Iberian Peninsula (Spain and Portugal) and the launch of new projects in Switzerland.

      International activities now account for 44% of the Group's revenue (excluding sales of goods for the Foodservice activity).

      The trends vary depending on the countries.

      With very moderate growth, Italy remains the most contributing country in terms of turnover at €299m, ahead of Spain (€202.5m).

      The countries with the highest growth rates were Belgium (+32.3%), Spain (+20.6%) and the United Kingdom (+16.7%), mainly linked to acquisitions in these countries, in particular TDL Fresh Logisticks in Belgium, Montfrisa in Spain and Long Lane Deliveries in the United Kingdom, which contributed €56 million to the revenue of the international division.

      Operating income was negative at (-€8.7 million) compared with the 1sthalf of 2024 (€49.6 million), mainly impacted by two factors concerning Italy, a provision for tax audits (see below) and additional costs in the 1sthalf of 2025 related to an operational incident in autumn 2024 in the scheme's main frozen warehouse.

      ITALY

      In the first half of 2025, STEF Italy grew by +2.7%, with revenue of €299m.

      Growth continued to be impacted by the slowdown in Frozen activities, marked in autumn 2024 by an operational incident during maintenance work on the Fidenza site, the effects of which continued in the first half of 2025.

      Domestic and international transport activities confirmed their momentum. There is a strong ambition to structure the network and develop, with the opening of the new subsidiary in Padua and an upcoming subsidiary in the Florence region that will be operational in the 4thquarter of 2025.

      The Supply Chain BU confirmed its operational performance and strengthened its presence in the North East with a new subsidiary in Verona.

      Half-year results were heavily impacted by a provision recorded following a tax audit by STEF Italia, linked to the non-remittance of VAT collected from certain suppliers and service providers of the company, even though STEF Italia had duly paid VAT to these suppliers (seeNote 6 to the consolidated financial statements as at 30.06.2025).

      Fully committed to the Group's Moving Green approach, STEF Italy has expanded the deployment of its subcontractors' fleet of Euro 6 vehicles using hydrotreated vegetable oil (HVO), in addition to its own fleet.

      Lastly, the process of internalising quay operations management staff, historically entrusted in Italy to external cooperative companies, continued at an increased pace with 45% of the subsidiaries integrated as at 30 June 2025.

      SPAIN

      In a rising market, driven by its investments and sales momentum, STEF Spain posted revenue growth of +20.6%.

      The Foodservice businesses performed well.

      The activity of the Frozen BU was boosted by the integration of Montfrisa, acquired in July 2024.

      The Fresh Flow BU's infrastructure was strengthened with the opening of a platform in Alicante and two warehouses, one in Cadix and the second in Irun. Two new hubs have been created, one in Benavente (Castilla-et-Léon) and the other in Ciudad Real (near Madrid). They make it possible to increase the fluidity of batch management and improve lead time.

      STEF IBERIA has commissioned, on behalf of its International Flows BU, a platform in Oiartzun, near San Sebastián in the Basque Country.It meets a key need in the logistics sector: optimising routes and delivery times.It strengthens the connection between Spain and more than 30 European countries.

      In addition, by partnering with a partner specialising in customs management, STEF offers its customers solutions to facilitate exports to countries outside the European Union, in particular to the United Kingdom, by simplifying procedures and reducing shipping times.

      For 2026, numerous real estate projects are under way in order to continue specialising in activities and sustainably support the commercial development of STEF Spain: the Fresh Supply Chain BU, dedicated to agri-food manufacturers, will open a new platform to the north of Madrid and a new warehouse located in San Fernando, also close to Madrid, will consolidate the Transport activities, which are currently saturated.

      PORTUGAL

      In the first half of 2025, STEF Portugal posted very moderate growth in its revenue (+0.9%), due to sluggish consumption and lower frozen product inventories.

      However, key trade negotiations during the period point to a more dynamic second half of the year.

      In the second half of the year, STEF Portugal will open a new transport site in Maia north of Porto. This site will complement the country's network, already made up of 14 platforms. It will support the development of the country's agri-food industry and deliver even more efficiently to its customers and end consumers.

      In terms of CSR, STEF Portugal is stepping up innovative solutions with the production of the first electric refrigerated semi-trailers (a first in Portugal), thereby helping to reduce its carbon footprint.

      BELGIUM

      STEF's activities in Belgium posted the strongest increase in turnover (+32.3%), linked to the contribution of recent acquisitions. On a like-for-like basis, activity remained stable in the 1sthalf of 2025.

      The period was marked by the integration of the transport company TDL Fresh Logistics, acquired at the end of 2024 and the creation of a Frozen business unit (e.g. TransWest, acquired at the end of 2023, specialising in the transport of frozen food products).

      The latest acquisitions have increased the geographical coverage and thus improved the country's national coverage. They are part of the ambition to make STEF Belgium (the holding company recently created and bringing together all STEF activities in Belgium) the reference in temperature-controlled food logistics in the country.

      The second half of the year promises to be full of opportunities with the continuation of transformation projects, the deployment of the Group's information systems within the scope of TDL Fresh Logistics and the implementation of the new consolidated system in Belgium.

      NETHERLANDS

      The integration of Bakker Logistiek, acquired in January 2024, continued with the transition to the STEF brand, completed at the beginning of the year. The harmonisation of information systems with those of the Group is being finalised with the implementation of the TMS and WMS tools.

      At the same time, a reorganisation of flows, particularly international flows, was carried out between the various sites in order to make the system more competitive.

      Despite these long-term structuring actions, the fall in consumption continues to impact the volumes transported, in particular international flows, and revenue was down over the half-year (-2.6%).

      SWITZERLAND

      Revenue increased by +7.7%, mainly due to the addition of new accounts and the summer weather, which favoured sales of ice cream and meat products.

      STEF Switzerland incorporated a major frozen transport and logistics project during the first quarter. This case required a complete operational reorganisation, within a record time, thus demonstrating STEF Switzerland's ability to handle cases of this magnitude.

      Thanks to these new customer files and strict forward-looking inventory planning, the outlook for the second half is positive.

      ‌An important step in the development of the Group's activities in Switzerland, on 12 August, STEF Switzerland signed a memorandum of understanding for the acquisition of the temperature-controlled business of Cavegn, a company specialising in transport and logistics. The deal is expected to be completed by the end of September.It will transform the sizing of STEF Switzerland's network in temperature-controlled food transport markets.

      UNITED KINGDOM

      STEF LANGDONS posted revenue growth of +16.7%, driven by the integration of the Scottish transport company Long Lane Deliveries, acquired in the second half of 2024.

      The persistently sluggish UK economic environment has continued to affect food consumption, hotels and leisure, and, as a result, the Group's activities in the country.Additional corporate taxes and other employment-related costs have had a significant impact on activity as a whole.

      Despite this context, STEF LANGDONS managed to maintain its balance thanks to rigorous operational control. The controlled integration of Long Lane Deliveries contributed to the positive results of all the Group's activities in the United Kingdom.

      EUROPEAN FLOWS

      Buoyed by growing volumes, its sales momentum and its capacity to control production costs, STEF Eurofrischfracht is maintaining its trajectory and is preparing for the realisation of a structuring and ambitious real estate project that will open up new support opportunities for its customers in transport and logistics.

2. | OUTLOOK FOR 2025

   The first half of 2025 proved complex, both for the Group and for all players in the transport and logistics sector, faced with moderate European growth and sluggish food consumption.

   The strong sales policy implemented in all the countries in which it operates and the positive effects of acquisitions made it possible to post solid revenue growth. However, difficulties in Italy and persistent pressure on volumes weighed on profitability.

   For the second half of the year, STEF will work to lay the groundwork for restoring economic performance with:

   • operational efficiency and quality of service that are the Group's strength for its customers;

   • finalisation of synergies with the latest external growth operations in Northern Europe;

   • support for digital transformation projects, without forgetting the continuation of real estate investments and STEF's commitments in the energy transition;

   • the integration works of the company Cavegn, in Switzerland, when the acquisition is finalised.

3. ‌| EXPERTISE CENTRES

   1. REAL ESTATE

      IMMOSTEF has developed global expertise in the development and management of temperature-controlled platforms and warehouses as well as sustainable and secure energy production assets.

      From land acquisition to asset management, including the design and development of assets such as warehouses or photovoltaic power plants, this expertise is robust.

      At each stage, in all the countries where STEF operates, the Real Estate Division supports the Group's entities to:

      • search for suitable land or assets then negotiate with local authorities and owners in order to supply the land reserves and the real estate assets of the Group's real estate company;

      • design future real estate to optimally meet logistics and transport flow needs;

      • develop 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;

      • offer them a secure operation of tools that are optimally maintained while benefiting from optimised rents and operating expenses.

        IMMOSTEF is currently managing more than 40 projects for the construction or acquisition of real estate assets in the Group's various development phases. In the 1st half of 2025, 13 new constructions and 9 site extensions were delivered or are under construction in Italy, Spain, Portugal, the Netherlands and France.

        The Group has also implemented a structured approach to building strategic land reserves throughout Europe in order to proactively support STEF's development in a tense land market. Thanks to this dynamic acquisition policy, the stock of available land reserves has seen its net balance increase. In the 1sthalf of 2025, 7 sites with bare land were acquired in Spain and France and 5 purchase promises were signed in Italy and France.

        In order to balance its portfolio of land and platforms, IMMOSTEF is also responsible for marketing and valuing around fifteen non-strategic assets (former Group sites that are no longer operated).

   2. GROUP ENERGY MANAGEMENT

      Blue EnerFreeze, the IMMOSTEF subsidiary dedicated to energy management, continued to grow, mainly through the construction of photovoltaic power plants, bringing the installed capacity to more than 65 MWp. The Group's 12 MW wind farm entered its first year of operation. Blue EnerFreeze also delivered two experimental projects for the manufacture and distribution of green hydrogen in Madrid and the Paris region to supply handling equipment. The production of these renewable energies makes it possible to cover more than 15% of the Group's electricity needs at the European level.

      In parallel with the development of projects, IMMOSTEF and Blue EnerFreeze actively manage the Group's assets through regular appraisals to make appropriate decisions on the composition of the fleet operated, in a long-term spirit.

      The objective is to ensure that the Real Estate Division's internal STEF Group customers have at all times productive tools at an optimal full operating cost, particularly in terms of energy.

   3. INFORMATION SYSTEMS

      STEF Information and Technologies (STEF IT) provides the Group with IT and digital solutions to support its customers and improve the performance of its business lines. STEF IT relies on a team of 300 employees. Its activity is spread over 4 areas:

      • the continuous development of systems supporting the transport and logistics businesses (TMS, WMS, Track & Trace, etc.);

      • the Group's digital transformation through innovative projects;

      • adaptations of the ERPs used for the support functions;

      • software publishing through specialised applications (WMSi, Logifresh) for fresh products to external customers of the Group: industry and mass retail.

        Two major projects were carried out in the first half of 2025:

        Aąil'IT For STEF: the transformation of the IT function's operatiną model

        The Group Business Line Department and STEF IT have set up a new collaborative model for the implementation of projects and the through-life support of business systems (TMS and WMS).

        This new organisation, based on the SAFe (Scaled Agile Framework) scale, aims to provide users with business IT tools:

        • IT solutions supporting the development of the business and the Group internationally;

        • functionalities delivered regularly according to reliable schedules;

        • transparent IT investment choices, prioritised by value;

        • ergonomic tools with "Google-like simplicity" facilitating their adoption;

        • improved quality of service and faster treatment of irritants.

        A large number of STEF IT employees are now working in agile mode, with quarterly deliveries. This transformation is part of a continuous improvement approach and enables the Group to accelerate the time to market of its business line IT solutions.

        STEF AI: STEF Group's Trusted Artificial Intelliąence

        Employees now benefit from private and secure generative AI, developed by the Group.

        This innovative solution saves time and improves efficiency in their daily work while guaranteeing the confidentiality of the Group's data.STEF AI offers them several possibilities: to carry out analyses and summaries of documents very quickly, to access STEF knowledge in multiple languages, and to generate meeting minutes automatically.For example, the processing time for calls for tender can be reduced by automating the analysis and synthesis of documents.

4. ‌| HUMAN RESOURCES

   At 30 June 2025, the Group's workforce (permanent and fixed-term contracts) represented 25,344 people, an increase of 7% compared with 30 June 2024. This trend remains in line with the previous year's trend (+8%).

   Headcount by Division
   PERMANENT + FIXED-TERM CONTRACTS	30/06/2024	30/06/2025
   STEF France	14,775	15,116
   STEF International	8,083	9,376
   Other activities and central functions	824	852
   TOTAL Group	23,682	25,344
   Headcount by country
   France	15,599	15,968
   Outside France:	8,083	9,376
   Spain	2,530	2,942
   Portugal	517	541
   Italy	1,428	1,651
   Belgium	677	997
   Netherlands	1,082	1,047
   Switzerland	288	310
   European flows	82	81
   United Kingdom	1,479	1,807
   TOTAL Group	23,682	25,344

   The trend can be broken down as follows:

   • near-stability in France (+2.3%, resulting, as in the previous year, from the continuous hiring policy);

   • a 16% increase in headcount outside France, resulting on the one hand from external growth operations carried out in Northern Europe and Spain, and on the other hand from the integration of staff employed by workers' cooperatives in Italy:

     ● + 332 employees in Belgium, with the acquisition of TDL Fresh Logistick,

   • +276 employees in the United Kingdom, with the acquisition of Long Lane Deliveries,

     ● + 285 employees in Spain, with the acquisition of Montfrisa,

   • +223 employees in Italy.

   The tensions observed in recent years in the various labour markets have largely eased, although they remain in the Netherlands and Portugal. Ongoing campaigns to promote the STEF employer brand and the roll-out of integration policies make a significant contribution to resolving these difficulties.

5. ‌| SOCIAL AND ENVIRONMENTAL RESPONSIBILITY

   The first half of the year saw the Group publish its first sustainability report.Despite the announcements by the European Commission on the reduction of CSRD eligibility thresholds, we note the continued exponential growth in customer requests in terms of CSR, with 250 requests over the half-year, i.e. +50%, vs. the first half of 2024.

   At the same time, the number of CSR masterclasses organised by STEF with its customers continues to grow, reflecting the strong interest in co-building roadmaps with them, particularly in the environmental field.

   In terms of reduciną our CO2emissions:

   • the share of own vehicles using decarbonised engine energy reached 20%, compared with 15% a year ago, and the rate of Euro 6 vehicles has now reached 97%, up 10 points year-on-year;

   • the new Group tool for calculating greenhouse gas emissions (ORKI) now includes data related to transport subcontractors and new fuels (HVO, in particular).

     With a view to strengthening actions throughout the Group's value chain, the Sustainable Development Department supported:

   • the Purchasing Department in the construction of its roadmap and environmental action plans with regard to suppliers, notably with an in-depth update of the responsible purchasing charter

   • the Group Transport Subcontracting Department in finalising and rolling out its CSR roadmap.

     Social responsibility initiatives continued with a view to Europeanising initiatives.

   • the MIX UP seminar (network of volunteers set up to coordinate and support the initiative to promote gender equality and to combat violence and harassment in the workplace) brought together a community of mix-uppers that will have doubled in less than 3 years and now has members in all the Group's countries of operation;

   • A new approach to combating sexism has been developed and tested in certain Business Units, with plans for wider deployment within the scope of France and other countries;

   • in the area of disability, in France, the first half of the year was marked by the establishment of a new service agreement with AGEPIPH and the signing of the 7th agreement, unanimously by the trade unions.

   • the KEEP IT SAFE (Health and Safety at Work and Quality of Life and Working Conditions) approach is continuing its structuring and Europeanisation and this half-year marks the ramp-up in the deployment of passive exoskeletons.

6. ‌| CONSOLIDATED FINANCIAL STATEMENTS

Half-year results (in €M) H1 2024 H1 2025 Chanąe

1. CONSOLIDATED INCOME STATEMENT 19

2. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 19

3. CONSOLIDATED BALANCE SHEET 20

4. CHANGES IN CONSOLIDATED EQUITY 21

(in thousands of euros) note H1 2025 H1 2024

1. ‌| CONSOLIDATED INCOME STATEMENT

   REVENUE	9	2,474,057	2,325,190
   Purchases from third parties	10	(1,503,203)	(1,408,732)
   Taxes, levies and similar payments		(34,754)	(29,521)
   Payroll expenses	11	(720,837)	(674,723)
   Depreciations and amortisations	12	(130,647)	(116,657)
   (Depreciations) Net reversals of provisions		(4,732)	3,883
   Other operating income and expenses	13	(24,010)	7,198
   OPERATING INCOME		55,874	106,639
   Financial expenses		(21,064)	(19,853)
   Financial income		1,428	1,347
   Financial result	15	(19,636)	(18,506)
   PROFIT BEFORE TAX		36,239	88,133
   Tax expenses	16	(24,335)	(23,210)
   Share of income from equity affiliates	23	4,007	3,141
   INCOME FOR THE PERIOD FROM CONTINUING OPERATIONS		15,911	68,064
   INCOME FOR THE PERIOD FROM DISCONTINUED OPERATIONS	17	0	0
   INCOME FOR THE PERIOD		15,911	68,064
   o/w Group net income for the period		15,834	67,967
   o/w net income for the period from continuing operations - Group share		15,834	67,967
   o/w net income for the period from discontinued operations - Group share		0	0
   o/w net income for the period - attributable to non-controlliną
   interests		77	98
   o/w net income for the period from continuing operations - Portion
   attributable to non-controlling interests		77	98
   o/w net income for the period from discontinued operations - Portion
   attributable to non-controlling interests		0	0
   Earninąs per share (in euros)
   - basic:		1.26	5.44
   o/w net income from continuing operations - Group share, per share		1.26	5.44
   o/w net income from discontinued operations - Group share, per share		0.00	0.00
   - diluted:		1.25	5.40
   o/w net income from continuing operations - Group share, per share		1.25	5.40
   ‌o/w net income from discontinued operations - Group share, per share		0.00	0.00

2. | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

   (in thousands of euros)	H1 2025	H1 2024
   INCOME FOR THE PERIOD	15,911	68,064
   Actuarial gains or losses on pension plans	1,959	1,719
   Revaluation of financial assets	19	77
   Tax expense on non-recyclable items	(404)	(470)
   Other comprehensive income, net of tax that will not be subsequently
   reclassified to profit or loss	1,574	1,326
   Exchange differences arising from foreign operations	(1,859)	(861)
   Effective portion of changes in fair value of cash flow hedging derivatives	(384)	265
   Tax expense on recyclable items	93	(60)
   Other comprehensive income, net of tax, which will be subsequently reclassified to profit or loss	(2,150)	(656)
   OVERALL INCOME FOR THE PERIOD	15,334	68,734
   * including Group share	15,256	68,618
   * including minority interests	78	116

3. ‌| CONSOLIDATED BALANCE SHEET

   LIABILITIES AND EQUITY note 30 June 2025 31 December 2024

ASSETS note 30 June 2025 31 December 2024

1. ‌| CHANGES IN CONSOLIDATED EQUITY

   (in thousands of euros)	Capital	Premiums	Consolidated reserves	Translation reserves	Treasury shares	Fair value reserves	Total attributable to STEF shareholders	Share of minority shareholders	Total share-holders' equity
   Shareholders' equity at 1 January 2024	13,000	0	1,201,907	4,494	(37,201)	2,774	1,184,974	(1)	1,184,973
   Dividends paid			(63,945)				(63,945)		(63,945)
   Purchases and sales of treasury shares					829		829		829
   Other equity transactions	(150)				2,168		2,018		2,018
   Transactions with non-controlling interests			(853)				(853)	(47)	(900)
   Total transactions with shareholders	(150)	0	(64,798)	0	2,997	0	(61,951)	(47)	(61,998)
   Comprehensive income for the period	0	0	69,293	(880)		205	68,618	116	68,734
   Shareholders' equity at 30 June 2024	12,850	0	1,206,402	3,615	(34,204)	2,978	1,191,641	68	1,191,709
   Shareholders' equity at 1 January 2025	12,850	0	1,288,124	6,517	(33,168)	2,887	1,277,210	51	1,277,261

   Dividends paid			(52,482)				(52,482)	(52,482)
   Purchases and
   sales of treasury
   shares					683		683	683
   Other equity
   transactions					1,225		1,225	1,225
   Transactions with
   non-controlling
   interests							0	0
   Total transactions with shareholders	0	0	(52,482)	0	1,908	0	(50,574)	0 (50,574)
   Comprehensive income for the period	0	0	17,407	(1,859)		(291)	15,256	78 15,334
   Shareholders' equity at 30 June 2025	12,850	0	1,253,049	4,658	(31,260)	2,596	1,241,893	129 1,242,021

   (in thousands of euros) note H1 2025 H1 2024

1. ‌| CASH FLOW STATEMENT

   Net income for the period		15,911	68,064
   +/- Net depreciation, amortisation, impairment of non-current assets and
   provisions	14	160,420	112,259
   +/- Capital gains or losses on disposals of non-current assets		(2,738)	(6,154)
   +/- Share of income from associates	23	(4,007)	(3,141)
   +/- Change in fair value of derivatives		(26)	(24)
   +/- Other non-cash income and expenses		803	2,075
   - Deferred taxes		(2,858)	(328)
   Cash flow from operations (A)		167,505	172,751
   Elimination of tax expense (income)		27,193	23,538
   Taxes paid		(13,499)	(9,865)
   Changes in other WCR items		(65,628)	(62,962)
   +/- Chanąe in workiną capital requirements related to activity (B)		(51,934)	(49,289)
   Operatiną cash flows used by continuiną operations (A) + (B)		115,570	123,462
   Operatiną cash flows used by discontinued operations (C)		0	0
   NET CASH FLOW GENERATED BY THE BUSINESS (D)=(A+B+C)		115,570	123,462
   - Outflows related to acquisitions of intangible assets		(1,115)	(2,292)
   - Outflows related to acquisitions of tangible assets		(142,836)	(184,533)
   +/- Change in loans and advances granted + financial assets		(5,844)	(1,115)
   -/+ Inflows and outflows related to acquisitions and
   disposals of subsidiaries net of cash acquired 7		1,440	(37,337)
   + Inflows linked to disposals of tangible assets and intangible assets		3,779	3,858
   + Dividends received from associates		4,539	3,436
   Cash flows from investiną activities used by continuiną operations (E)		(140,037)	(217,983)
   Cash flows from investiną activities used by discontinued operations (F)		0	0
   NET CASH FLOW FROM INVESTING ACTIVITIES (G)=E=F		(140,037)	(217,983)
   +/- Purchases and sales of treasury shares		586	373
   - Dividends paid to STEF owners		(52,482)	(63,945)
   - Dividends paid to minority shareholders of subsidiaries		0	0
   + Inflows related to new borrowings	21	213,350	256,656
   - Loan repayments and lease obligations	21	(112,480)	(133,730)
   Cash flows from financiną activities used by continuiną operations (H)		48,974	59,354
   Cash flows from financiną activities used by discontinued operations (I)		0	0
   NET CASH FLOW RELATING TO FINANCING ACTIVITIES (J)=H+I		48,974	59,354
   CONVERSION EFFECT (K)		(809)	221
   Opening net cash position		5,306	75,231
   Net cash at end of year	21	29,005	40,285
   = CHANGE IN NET CASH (D+G+J+K)		23,699	(34,946)

2. ‌| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE 2025‌

1. ACQUISITIONS DURING THE PERIOD

   There were no changes in scope in the first half of 2025.

2. DISPOSALS, LIQUIDATION

   In April 2025, the STEF Group sold 11% of the shares in Medsealog to Olano for a sale price of €0.9 million. This disposal generated a capital gain of €0.5m in the consolidated financial statements at 30 June 2025. The group's stake in Medsealog decreased from 40% to 29%.This transaction did not change the method of consolidation (equity method) applied to Medsealog.

3. MONITORING OF ACQUISITIONS AND DISPOSALS CARRIED OUT IN 2024

   During the 1st half of 2025, the Group continued to allocate the acquisition price of Montfrisa, Long Lane Deliveries and the TDL Group.This work, which did not lead to any changes over the half-year period, will be finalised on 31 December 2025.In the 1st half of 2025, the Group also received the €0.6m earn-out from Bolloré Solutions Logistiques following the sale of STEF Logistique Santé in February 2024.

   The final price of this sale is therefore €4.6 million. This earn-out was recognised in the income statement in the 1sthalf of 2025.

   Lastly, the work on allocating the acquisition price for the Bakker (STEF Zeewolde) and Centeno Groups was finalised without giving rise to any change in goodwill.

4. CASH ALLOCATED TO ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES

H1 2025 H1 2024

H1 2025 H1 2024

H1 2025 H1 2024

H1 2025 H1 2024

H1 2025 H1 2024

H1 2025 H1 2024

Income from discontinued operations H1 2025 H1 2024

30 June 2025 31 December 2024