StefEURONEXT: STF

2026 half-year financial report

Sep 15, 2026 at 12:53 PM UTC · MarketScreener

Half-Year Financial Report 2026

Contents

Statement by the person responsiblefor the half-year financial report

Half-year activity report 2026

Summary interim consolidated financial statements for the half-year ended 30 June 2026

Statutory auditors' report on the half-year financialinformation 2026

STEF / 2026 Half-year financial report

‌Statement by the person responsible for the half-year 3

financial report

STEF / 2026 Half-year financial report

1 Statement by the person responsible for the half-year financial report

I hereby certify that, to the best of my knowledge, the condensed consolidated financial

statements for the past half-year have been prepared in accordance with applicable accounting standards and give a true and fair view of the assets, financial position and results of the STEF Group and all the companies included in the consolidation, and that the attached half-year activity report provides a true and fair view of the significant events that occurred during the first six months of the financial year, their impact on the accounts, the main related-party transactions, and describes the main risks and uncertainties for the remaining six months of the financial year.

Signed in Paris, 3 September 2026

Stanislas Lemor Chief Executive Officer

‌Half-year activity report 2026

Market environment and trends for the STEF Group in the first
half of 2026 6
STEF Group activities for the first
half of 2026 8
1. STEF France 9
2. STEF International 12
Outlook for 2026 15
Consolidated financial

statements 16

STEF / 2026 Half-year financial report

Market environment and trends for the STEF Group in the first half of 2026

STEF is the European leader in temperature-controlled logistics and transport (from -25°C to +18°C). It offers a wide range of solutions and services to meet the needs of the food market, ranging from supply chain management to the most comprehensive solutions. It is able to meet the requirements of major international and national customers, as well as the more specific needs of small and medium-sized agri-food businesses, all at the same time.

‌Market environment and trends for the STEF Group in the first half of 2026 The European food market.

After several years of significant disruption, the European food market is gradually returning to a more stable footing, though it has not yet regained any real growth momentum.

The first half of 2026 suggests not so much a return to growth as a shift in the dynamics of the European food market. Market conditions are gradually stabilising and consumption volumes have stopped falling in Europe, but remain generally sluggish. Since the health crises of the 2020s and the inflationary trends that followed, consumers appear to have permanently altered their

purchasing behaviour. Better informed and more selective, they now weigh up every purchase based on a combination of criteria - price, health, convenience, quality and brand commitments. In response to these developments, food manufacturers and retailers can no longer rely on increases in volume to drive their growth, but must find new ways to create value. These rely even more heavily on the relevance of the product ranges on offer, requiring a robust and responsive supply chain. STEF's business model lies at the heart of this issue.

Logistics: a driver of competitiveness.

International balances remain fragile. This period was marked by the conflict in the Middle East, coupled with a sharp rise in oil prices since early March.

Tensions along strategic trade routes and persistent uncertainties in the energy markets have kept economic stakeholders on high alert. For the Group's customers, this economic climate has led to a significant increase in transport costs, as well as a risk of inflation in other cost areas (such as fertilisers, plastics and raw materials).

Companies factor this uncertainty into their investment decisions and the organisation of their supply chains. This economic pressure has also exacerbated tensions in tariff negotiations with service providers.

In this environment, the role of logistics is becoming increasingly clear: it is no longer merely an operational function, but has become a driver of efficiency and competitiveness.

Market environment and trends for the STEF Group in the first half of 2026

STEF, a key player in the agri-food value chain.

STEF positions itself as a partner to the food industry: its ability to optimise and secure supply chains, to accommodate the increasingly fragmented demand from its customers, players in the agri-food sector, to optimise costs without compromising service levels, and to support changes in consumption patterns gives it a strategic position within the agri-food value chain. The Group puts this expertise to work for its customers every day, ensuring it contributes to business continuity and performance.

Thanks to its European network, the complementary nature of its transport and logistics solutions, and its ability to combine robust infrastructure with flexible solutions, the STEF Group is able to respond quickly and

adapt to a wide range of needs. The ability to accommodate a wide variety of customer models within a single European network is one of STEF's key differentiating factors.

As part of its Customer Care initiative, the Group implemented a series of changes during the first half of 2026, aimed at developing and enhancing its customer relationships: a revamp of Customer Service, the conduct of NPS surveys in all countries, and the organisation of customer events. Customer Care is firmly established as a mindset dedicated to serving STEF's customers in every country where the Group operates.

‌STEF Group activities for the first half of 2026

STEF GROUP FIRST HALF OF 2026 -REVENUE (in €M)

2,687.1

2,474.1

2,750

STEF GROUP FIRST HALF OF 2026 -OPERATING PROFIT (in €M)

102.9

55.9

120

2,700

2,650

2,600

100

2,550 60

2,500

2,450

2,400 20

2,350

H1 2025

H1 2026

H1 2025

H1 2026

Total revenue for the first half of 2026 amounted to

€2,687.1 million, compared with €2,474.1 million in the first half of 2025, an increase of 8.6% (+7.1% on a like-for-like basis).

The effects of external growth transactions carried out in recent years continued to play a driving role in the Group's revenue growth.

The Group's operating profit has returned to a normal level following a year in 2025 characterised by numerous one-off costs.

Despite an increase in financial expenses, net profit has returned, as expected, to the Group's usual levels, with a net profit of €55.9 million.

‌STEF France

REVENUE (in €M)

OPERATING INCOME (in €M)

1,260.5



1,191.2





60 60.2

1,280 70

1,260

1,240 64

1,220 62

1,200 58

1,180 56

1,160

1,140

H1 2025

H1 2026

H1 2025

H1 2026

Against a backdrop of stable agri-food production in France, STEF France's revenue rose by 5.8%.

The Foodservice, Ambient and Dry Food (TSA), Chilled Supply Chain and Full Truck Load (FTL) businesses experienced strong growth momentum thanks to the launch of new projects and the carry-over effects of new business won in the second half of 2025.

The Frozen Foods business was buoyed by high warehouse occupancy rates.

Chilled Products

With revenue up by 5%, business performance in the first half of 2026 held up well, despite a turbulent start to the year caused by farmers' strikes and bad weather. The overall situation remains particularly strained for the agri-food sectors.

The fire that broke out on 10 March at the Carros site, near Nice, had only a limited impact on STEF's operations in France, thanks to the teams' efforts and the effective implementation of a business continuity plan. On this occasion, the Group demonstrated its expertise in business continuity processes by providing a major customer with a comprehensive logistics and transport solution within a matter of days at the Chilled Products Supply Chain business unit's site in Mâcon (Saône-et-Loire),

The Seafood and Chilled Products businesses continued to grow and consolidate their market share.

However, the Mass-market retail business was affected by the closure of the Aulnay-sous-Bois site following the customer's decision to bring operations back in-house. This development masks the business unit's sustained growth, particularly in the area of e-commerce logistics.

Operating profit rose very slightly (+0.4%), driven by the growth in revenue and productivity-enhancing measures, particularly in the transport sector.

In terms of CSR commitments, the ongoing efforts to reduce GHG emissions resulted in a 29% reduction in greenhouse gas emissions as at 30 June 2026 compared with 2019, the reference year for the Group's "Moving Green" initiative, representing an improvement of 2 percentage points compared with 30 June 2025.

Chilled Products Supply Chain

The Chilled Products Supply Chain Business Unit offers a range of services specifically designed to meet the growing needs of industrial customers in terms of service quality, delivery times and traceability.

Driven by sustained commercial momentum, revenue rose by 12% in the first half of the year, with business showing steady growth, confirming the relevance of the Group's offering and the reliability of its network.

TSA (Ambient and Dry Food)

The Ambient and Dry Food Business Unit reported an 11% increase in revenue compared with the first half of 2025.

This growth was driven by the successful launch of a 36,000-square-meter site in the Orléans area (Centre-Val de Loire region). This expansion has enabled the company to secure a new contract covering logistics,

transport and co-packing services. The inclusion of this site within the BU's property portfolio underpins a sustainable growth trajectory, confirming the Group's ability to capture further market share in the future within a highly competitive environment.

Frozen Foods

In a market for frozen foods and ice cream that grew by around 2.8% in volume terms, the Frozen Foods Business Unit's revenue rose by 5%.

The realities differ depending on the nature of the BU's activities:

Warehousing activities performed well: up 9.2% compared with 30 June 2025. Market dynamics (particularly in the ice cream sector) and economic conditions (linked to overproduction of milk, which has had a significant impact on the storage of butter and cheese) have had a positive effect on warehouse filling rates.

Transport and handling activities relating to Frozen foods proved to be less buoyant than market growth: new customers, mainly in the industrial finished products market, did not quite manage to offset the decline in volumes recorded in supermarkets.

The BU is continuing its programme of restructuring and property redevelopment, notably with the opening in June of the extension to the Moréac site (Morbihan) and the planned handover in September of a new cold store near Metz.

Mass-market retail

While strengthening its ties with major retailers through a hybrid logistics contract offering (B2B/B2C), the Mass-market retail BU is diversifying its portfolio across a range of players in the food retail sector. This expansion is designed to meet the growing demand for dedicated, bespoke and highly specialised logistics solutions.

During the first half of 2026, the business unit recorded a slight increase in revenue (+0.5%). However, this relative performance masks a more robust underlying trend.

In 2026, the business unit was affected by changes in the scope of operations compared with the first half of 2025, including, in particular, the closure of the Aulnay-Sous-Bois site in the Paris region, as the customer had brought this activity back in-house within its own stores. On a basis

adjusted for this change, organic growth stood at +5.8%, reflecting the strength of the customer portfolio. Performance varies across the operating segments, reflecting different trajectories:

Traditional B2B logistics: moderate but steady growth;
Last-mile logistics: the home delivery sector has demonstrated its resilience with growth of nearly 10%;
New distribution channels (e-commerce): projects launched in 2024 maintained their strong momentum, posting growth of +27% and the specialist offering aimed at pure players in the food e-commerce sector and manufacturers developing their own direct-to-consumer sales channels continued to grow by +14.4%.

Seafood

In a sluggish seafood market, with consumption of fresh fish down 7% year-on-year, the business unit's revenue rose by 6%.

All business areas are growing, and this growth is expected to continue as new contracts are signed across several sites.

The forthcoming opening of a new 3,500-square-metre facility in Boulogne-sur-Mer will strengthen the network, helping to develop logistics operations alongside transport services.

Foodservice (Out-of-home cateriną)

The out-of-home catering market is seeing its business increasingly constrained by consumers' economic trade-offs. Its revenue remained stable, influenced by the slowdown in new restaurant openings and the decline in customer numbers per outlet.

Despite this situation, the Foodservice business unit's revenue rose by 12.1%.

This performance can be attributed to the fact that the BU's existing customers are, on the whole, growing at a faster rate than the market, reinforcing the BU's position in certain segments (burgers, chicken, bakery and

patisserie, snacks, etc.), as well as to its momentum in gaining market share. New customers account for a significant proportion of revenue growth.

The logistics network, comprising warehouses and a transport network, was expanded in June 2025 with the opening of the Bédée site on the outskirts of Rennes. The BU is continuing to invest, with plans for warehouse expansions in Nancy-Custines and Tours-Saint-Pierre-des-Corps in 2026 and 2027, all with a view to supporting its ongoing business growth.

International Flows

With growth of 5%, the International Flows Business Unit has posted a slight increase.

Against a backdrop of geopolitical instability and significant pressures on energy supplies and transport capacity, the International Flows Business Unit has managed to maintain its volumes while keeping external subcontracting costs under control.

The international export business continues to grow and activities relating to customs operations are expanding, driven by targeted initiatives aimed, in particular, at bringing in-house skills that were previously outsourced by the Group.

Finally, the International Flows BU has set up a piggyback service running from south-west France to Great Britain and has carried out trials on a new route between the north of the country and the Lyon region, which are expected to lead to an operational launch during the second half of the year.

Packaąiną

The Packaging division is performing well at the start of the year and continues to grow, working with key accounts in the food and non-food sectors. As this is a naturally seasonal business, the BU is focusing its efforts on optimising its internal organisation and improving the productivity of its operations in order to reduce costs.

FTL (Full Truck Load)

With growth of 18%, the FTL sector continues to attract interest from the agri-food industry. Against a backdrop of a persistent shortage of transport resources, the reliability of the solution offered by the Group is an undeniable asset for customers who value reliability and quality of service. After two years of focusing on the Ambient market, STEF FTL is now targeting customers in the Chilled and Ultra-Chilled sectors.

Established in 2024 to support chocolate manufacturers' end-of-year campaigns, the FTL division has already secured the resources needed to assist them with their end-of-year operations. Furthermore, it is working actively, in collaboration with its partners, to offer its customers a carbon-free solution. This development is expected to pave the way for new requests.

‌STEF International

REVENUE (in €M)

OPERATING INCOME (in €M)

1,080

1,055

1,030

1,005

980

955

930

905

39.5





-8.7

-10

880

1,067.5




953.6

H1 2025

H1 2026

-20

H1 2025

H1 2026

With revenue of €1,067.5 million (up 11.9% on 2025), STEF International posted a positive trend, driven by the contribution of recently acquired companies - in particular Christian Cavegn AG in Switzerland - as well as by the strong commercial momentum observed in most of the countries where it operates.

International business now accounts for 46% of the Group's revenue (excluding sales of goods for the Foodservice business).

In terms of revenue, Italy is STEF International's largest contributor, at €325 million (compared with €299 million in the first half of 2025), ahead of Spain (the second-largest contributor to the international division).

The trends vary depending on the countries.

The countries with the highest growth rates are Switzerland (+133.8%), where the acquisition of Cavegn AG has transformed the Group's operational structure in the country, Portugal (+14.6%) and Spain (+13.8%).

In contrast, in Belgium (-3.7%) and the Netherlands (-2.3%), business was affected by a challenging economic environment and by consolidation within the retail sector.

The acquisitions made in 2025 and 2026 (Christian Cavegn AG in Switzerland and Transportes Logileon in Spain) contributed €39.3 million to the international division's half-year revenue.

STEF International's operating income has returned to a normal trend (+€39.5 million) compared with the first half of 2025 (-€8.7 million), which included, in particular,

€37.5 million in exceptional expenses in Italy.

Italy

The first half of 2026 ended with growth of 8.8%.

This growth was driven mainly by the strong recovery in the Frozen Foods division and by the expansion of the international transport business. The national transport operator continued to transform its network, notably with the ramp-up of its Prato subsidiary in the Florence region, which has been operational since the 4th quarter of 2025.

The Supply Chain Business Unit is maintaining a good level of performance.

Having been affected during the first half of 2025 by two events (an exceptional VAT adjustment relating to subcontracting and additional costs linked to an operational incident at a site in the autumn of 2024), STEF Italia's performance has returned to normal in the first half of 2026.

The Group continued to expand its partnership with the foodservice specialist, the German company QSL, by acquiring a 49% stake in QSL Italia (following the same model as QSL France and QSL Portugal).

STEF Italia's "Moving Green" Group action plan has continued with the aim of ensuring that 100% of its subcontractors' fleets comply with the EURO 6 standard by 2027, in addition to its own fleet.

The process of internalising quay operations management staff, historically entrusted in Italy to external cooperative companies, continued at an increased pace in 2026 with 79% of the subsidiaries integrated as at 30 June 2026 (vs 57% at end of 2025).

Spain

During the half-year, STEF Iberia's revenue rose by 13.8%, driven by strong commercial momentum which benefited all business units.

To support this growth, two new sites have been brought into operation: one in San Vicens, in the Barcelona region, for the Frozen Foods Business Unit; and one in San Agustin, near Madrid, dedicated to the Chilled Products and Supermarket Supply Chain Business Units.

The Chilled Products, International Logistics and Foodservice business units also recorded further growth, driven by sustained market demand and changing customer logistics requirements. Thanks to its operational expertise, the quality of its services and its ability to adapt, STEF has established itself as a leading partner in these sectors.

In June 2026, STEF Iberia acquired the transport company Logileon in order to strengthen its geographical coverage in the León region, which is a major producer of non-food goods.

STEF Iberia is preparing for the future with a number of major property developments currently under way. These strategic investments will support growth across all business units and improve the efficiency of the network.

Investments in CSR, including a 100% Euro VI fleet by 2026 and the accelerated uptake of HVO fuel, underpin this ambition for sustainable growth.

Portuąal

In the first half of 2026, Stef Portugal reported a 14.6% increase in revenue despite relatively sluggish consumer spending. The first two months were marked by severe weather events (floods, storms) which disrupted traffic on Portugal's main motorway linking Lisbon to Porto. Despite these events, STEF has demonstrated its resilience by maintaining a high standard of service.

The commissioning of the Maia site (north of Porto), in late 2025 and the two new sites in Coimbra and Viseu during the first half of 2026 will enable STEF Portugal to fully support the growth of its existing customers and, more broadly, meet the needs of the agri-food industry in Portugal. They open up new possibilities.

Beląium

Following a period of strong growth driven by recent acquisitions, STEF Belgium's revenue fell by 3.7% in the first half of 2026.

However, the period was marked by several major strategic projects: the continued integration of acquisitions, the roll-out of the chilled and frozen food range across the country, and the launch of key customer projects. Strong commercial momentum and the development of these new opportunities have helped to partially offset the carry-over effect resulting from the loss of certain projects during 2025.

During the half-year, STEF Belgium was awarded Top Employer certification. This award supports the extensive recruitment drive currently under way, which is designed to support business growth.

In the second half of the year, STEF Belgium will focus on improving its results and supporting newly integrated staff, a necessary step in preparing for future strategic directions.

Netherlands

In a complex operating environment - both for STEF Nederland and for many players in the Dutch food transport and logistics sector - revenue fell by 2.3%. This situation reflects a market characterised by moderate growth and food consumption that remains stable.

Nevertheless, STEF Nederland remains on track. With one of the key stages of Bakker's integration - the harmonisation of the transport and logistics operations' information systems with those of the Group - having been completed at the end of 2025, the focus is now on reorganisation, particularly of international operations. In addition, a comprehensive recovery plan has been drawn up. This will be rolled out in the second half of 2026 with the support of a strengthened management team.

Overall, STEF Nederland is continuing its business development activities.

Switzerland

The first half of the year was mainly devoted to integrating the transport operations of Christian Cavegn AG, which was acquired on 1 October 2025. This acquisition has transformed STEF Switzerland's position in the country's temperature-controlled food transport market. Integration work is being carried out with an organisation that has been adapted and specifically strengthened.

In the first half of 2026, STEF Switzerland's operations performed well, both in logistics and transport. With growth of 133.8%, revenue exceeded expectations in both the core logistics business and the transport sector, thanks to the additional volumes contributed by Christian Cavegn AG.

In the logistics sector, warehouse occupancy rates were very high. The acquisition of two new customers in the logistics and transport sectors offset the loss of a customer in French-speaking Switzerland. Customs operations also performed satisfactorily.

Following the successful launch of the "weStef" employee share ownership scheme in November 2025 (thus establishing employee share ownership in all countries where the Group operates), a second participation campaign was carried out in June.

Stef Langdons recorded strong revenue growth (+10.8%) thanks to the signing of new contracts, increased volumes from existing key account customers and the completion of the integration of recent acquisitions (Long Lane Deliveries in Scotland and the operations of GXO Peterborough).

The synergies resulting from recent acquisitions and the targeted development of related activities have helped to offset the effects of the persistent economic slump in the United Kingdom.

Furthermore, favourable weather conditions in the spring boosted activity in the chilled and frozen food markets.

The utilisation of additional logistics capacity resulting from the acquisition of the Peterborough site, combined with the full deployment of the fleet and resources during the period, helped to offset the rise in input costs, particularly those relating to fuel and labour.

European flows

STEF Eurofrischfracht (EFF)'s revenue has grown by around 6.7%.

Driven by strong commercial momentum, the transport business continued to grow, confirming the strength of EFF's operational model.

Logistics capabilities have been strengthened to better meet the needs of industrial customers.

This momentum forms part of a long-term growth strategy, with the construction of a new property complex in Strasbourg, which is due to come into operation in the first quarter of 2027 and will be a key driver of growth in EFF's capacity and performance.

‌Outlook for 2026

Outlook for 2026

During the first half of 2026, the Group's revenue increased, driven by balanced growth in both France and overseas markets. The sustained commercial strategy pursued across all fronts, combined with the positive effects of external growth initiatives, has enabled the company to achieve this strong growth.

However, business trends and performance varied across the business units in France and the various countries, shaping the Group's roadmap for the second half of the year.

This will be prioritised for:

continuing efforts to integrate acquisitions, particularly in the Benelux region, where turnaround measures are already underway;
the preparation of the Group's medium-term plan for 2027-2031;
leading long-term transformation projects (in particular, digitalisation, automation, artificial intelligence, not to mention the energy transition).

‌Consolidated financial statements Change in scope

In February 2026, STEF Italia acquired a 49% stake in QSL Italia for a purchase price of €7.4 million. On 1 June 2026, the Group acquired the company Transportes Logileon in Spain.

Summary of revenue

Revenue for the first half of 2026 is up both in France and internationally, driven mainly by higher volumes and the contribution of recent international acquisitions.

STEF International's business now accounts for 46% of the Group's revenue (excluding sales of goods for the Foodservice activity).

In €m	H1 2025	H1 2026	Change upwards	Change as % on a like-for-like basis1
STEF France	1,191.2	1,260.5	69.3	5.8%
STEF International	953.6	1,067.5	113.9	8.1%
Other	329.2	359.2	29.9	9.1%
Total	2,474.1	2,687.1	213.1	7.1%

Consolidated income statement

The Group's operating income rose sharply over the half-year, driven mainly by the strong performance of its international operations. As a reminder, the operating income for the first half of 2025 had been affected, in particular, by a provision relating to an exceptional VAT adjustment concerning subcontracting in Italy.

The recurring operating margin as a percentage of revenue excluding sales of goods for the Foodservice business increased by 0.8% in the period, to reach 4.5% in the first half of 2026, vs. 3.7% in the first half of 2025.

Financial expenses have risen as a result of changes in net debt.

The Group's effective tax rate for the first half of 2026 stood at 35.7%, still affected by the continued application of the surcharge in France. However, it is 6 points lower than the effective tax rate as at 31 December 2025, which stood at 41.7%, due to the non-deductibility of the provision relating to the exceptional VAT adjustment concerning subcontracting in Italy.

As a result, net income Group share was €55.9 million,

i.e. +€40.1 million compared with the first half of 2025.

Half-year results (in €m)	H1 2025	H1 2026	Change
Revenue	2,474.1	2,687.1	8.6%
Operating income (EBIT)	55.9	102.9	84.1%
Financial profit or loss	(19.6)	(22.4)
Income before tax	36.2	80.5	122.2%
Tax expenses	(24.3)	(28.8)
Share of income from equity affiliates	4.0	4.2
Net profit or loss	15.9	55.9	251.4%
of which Group share	15.8	55.9	253.1%
of which minority interests	0.1	(0.0)
Earnings per share in euros (basic)	1.26	4.42
Earnings per share in euros (diluted)	1.25	4.40

1 Changes on a like-for-like basis exclude the impact of changes in scope and exchange rates.

Consolidated financial statements

Financial structure

Consolidated equity amounted to €1,337.7 million, compared with €1,311.9 million as at 31 December 2025. This change notably includes the distribution of dividends of €34.2 million approved at the Shareholders' Meeting of April 23, 2026.

Financial debt has increased by €64.4 million (+4%), against the backdrop of an investment policy which, although down on the first half of 2025, remains robust.

Simplified balance sheet (in €m)	31/12/2025	30/06/2026
Goodwill Tangible fixed assets Other fixed assets and non-current assets	455.1 2,365.6 152.9	455.1 2,398.5 160.5
Total non-current and financial assets	2,973.5	3,014.0
Net working capital requirement	5.4	49.2
Total Assets (net)	2,978.9	3,063.2
Equity	1,311.9	1,337.7
Provisions and deferred tax assets	133.8	128.0
Net financial debt	1,533.2	1,597.6
Total liabilities (net)	2,978.9	3,063.2

Net financial debt (€m)	31/12/2025	30/06/2026
Non-current financial liabilities	(1,048.5)	(1,041.6)
Current financial liabilities	(601.1)	(687.4)
Cash flow	116.4	131.4
Net financial debt	(1,533.2)	(1,597.6)
Net debt/equity (gearing)	1.17	1.19

Cash flows

The Group's free cash flow is positive as a result of increased cash generation and controlled capital expenditure.

Simplified cash flow table (in €m)	H1 2025	H1 2026
Self-financing	167.5	188.7
Change in working capital	(51.9)	(22.5)
Net cash flow from operating activities (A)	115.6	166.2
Net investment programme (B)	(140.0)	(123.9)
Free cash flow (A+B)	(24.5)	42.3
Capital transactions and dividends	(51.9)	(33.7)
Net issuance (repayments) of financial debt	100.9	(36.4)
Other changes	(0.8)	(6.5)
Changes in net cash flow	23.7	(34.4)

Transactions between related parties

There were no significant changes in the nature, terms and amounts of transactions with related parties during the 1st half of 2026.

Siąnificant chanąes compared to the last annual report

There are no changes or uncertainties relating to the main risk factors set out in the 2025 annual report that would be likely to have a significant impact on the activity and results of the second half of 2026.

‌Summary interim consolidated financial statements for the half-year ended 30 June 2026

Consolidated income
statement 20
Consolidated statement of 21
comprehensive income
Consolidated balance sheet 22
6. Notes to the consolidated
financial statements as at 25
30 June 2026
Changes in consolidated
equity 23
Cash flow statement 24

STEF / 2026 Half-year financial report

Consolidated income statement

‌Consolidated income statement

Note		H1 2026	H1 2025
Revenue	9	2,687,135	2,474,057
Purchases from third parties	10	(1,625,821)	(1,503,203)
Taxes, levies and similar payments		(43,098)	(34,754)
Payroll expenses	11	(773,942)	(720,837)
Depreciations and amortisations	12	(139,433)	(130,647)
(Depreciations) Net reversals of provisions		18	(4,732)
Other operating income and expenses	13	(1,978)	(24,010)
Operating income		102,881	55,874
Financial expenses		(24,236)	(21,064)
Financial income		1,872	1,428
Financial result 15		(22,364)	(19,636)
Income before tax		80,517	36,239
Tax expenses	16	(28,773)	(24,335)
Share of income from equity affiliates	22	4,166	4,007
Income for the period		55,910	15,911
o/w Group net income for the period		55,919	15,834
o/w net income for the period - attributable to non-controlling interests		(9)	77
Earnings per share (in euros)
- basic:		4.42	1.26
- diluted:		4.40	1.25

Consolidated statement of comprehensive income

‌Consolidated statement of comprehensive income

	H1 2026	H1 2025
Income for the period	55,910	15,911
Actuarial gains or losses on pension plans	1,475	1,959
Revaluation of financial assets	8	19
Tax expense on non-recyclable items	(310)	(404)
Other comprehensive income, net of tax that will not be subsequently reclassified to profit or loss	1,173	1,574
Exchange differences arising from foreign operations	1,635	(1,859)
Effective portion of changes in fair value of cash flow hedging derivatives	(280)	(384)
Tax expense on recyclable items	15	93
Other comprehensive income, net of tax, which will be subsequently reclassified to profit or loss	1,370	(2,150)
Overall income for the period	58,453	15,334
- of which Group share	58,457	15,256
- of which minority interests	(4)	78

Consolidated balance sheet

‌Consolidated balance sheet

Assets	Note	30 June 2026	31 December 2025
Non-current assets
Goodwill		455,055	455,086
Other intangible assets		16,861	16,981
Tangible fixed assets		2,017,831	1,991,165
Right of use under leases		380,652	374,408
Non-current financial assets		46,579	46,914
Investments in associates		81,726	73,766
Deferred tax assets		15,294	15,190
Total non-current assets		3,013,998	2,973,510
Current assets
Inventories and work in progress		121,218	122,297
Trade receivables		901,413	832,665
Other current financial assets and receivables		201,123	184,786
Current tax assets		3,040	5,970
Cash and cash equivalents		131,424	116,436
Total current assets		1,358,218	1,262,154
Total assets		4,372,215	4,235,664
Liabilities and equity	note	30 June 2026	31 December 2025
Equity
Capital		12,850	12,850
Premiums		0	0
Reserves		1,324,583	1,298,786
Group's share of equity		1,337,433	1,311,636
Minority interests		260	264
Total equity		1,337,693	1,311,900
Non-current liabilities
Non-current provisions	19	49,566	44,629
Deferred tax liabilities		60,781	66,000
Non-current financial liabilities	20	781,856	807,120
Non-current lease obligations	20	259,783	241,409
Total non-current liabilities		1,151,986	1,159,157
Current liabilities
Trade payables		661,247	663,156
Current provisions	19	17,623	23,200
Other current liabilities		498,445	475,039
Current tax liability		17,862	2,134
Current financial liabilities	20	614,884	530,850
Current lease obligations	20	72,476	70,229
Total current liabilities		1,882,537	1,764,607
Total liabilities and equity		4,372,215	4,235,664

Chanąes in consolidated equity

‌Changes in consolidated equity

Consolidated Translation Treasury

Fair value

Total attributable

to STEF

Share of minority

Total sharehol

ders'

Capital Premiums

reserves

reserves shareholders shareholders

equity

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	23
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
Shareholders'
equity at
1 January 2026	12,850	0	1,322,570	3,454	(30,808)	3,569	1,311,636	264	1,311,900

Dividends paid			(34,176)				(34,176)		(34,176)
Purchases and sales of treasury shares					441		441		441
Other equity transactions					1,075		1,075		1,075
Transactions with non-controlling interests							0		0
Total transactions with shareholders	0	0	(34,176)	0	1,516	0	(32,660)	0	(32,660)
Comprehensive income for the period	0	0	57,092	1,630		(265)	58,457	(4)	58,453
Shareholders' equity at 30 June 2026	12,850	0	1,345,486	5,084	(29,292)	3,304	1,337,433	260	1,337,693

Cash flow statement

‌Cash flow statement

Note		H1 2026	H1 2025
Net income for the period		55,910	15,911
+/- Net depreciation, amortisation, impairment of non-current assets and provisions	14	141,499	160,420
+/- Capital gains or losses on disposals of non-current assets		221	(2,738)
+/- Share of profit of companies accounted for using the equity method	22	(4,166)	(4,007)
+/- Change in fair value of derivatives		(7)	(26)
+/- Other non-cash income and expenses		883	803
- Deferred taxes		(5,657)	(2,858)
Cash flow from operations (A)		188,683	167,505
Elimination of tax expense (income)		34,430	27,193
Taxes paid		(12,940)	(13,499)
Changes in other WCR items		(43,973)	(65,628)
+/- Change in working capital requirements related to activity (B)		(22,483)	(51,934)
net cash flow from operating activities (C) = (A + B)		166,200	115,570
- Outflows related to acquisitions of intangible assets		(2,378)	(1,115)
- Outflows related to acquisitions of property, plant and equipment		(130,001)	(142,836)
+/- Change in loans and advances granted + financial assets		167	(5,844)
-/+ Inflows and outflows related to acquisitions and disposals of subsidiaries net of cash acquired 7		(153)	1,440
+ Inflows linked to disposals of property, plant and equipment and intangible assets		4,473	3,779
+ Dividends received from associates		4,005	4,539
Net cash flow from investing activities (D)		(123,887)	(140,037)
+/- Purchases and sales of treasury shares		456	586
- Dividends paid to STEF owners		(34,174)	(52,482)
- Dividends paid to minority shareholders of subsidiaries		0	0
-Transactions with non-controlling interests	7	(7,350)
+ Inflows related to new borrowings	20	139,902	213,350
- Loan repayments and lease obligations	20	(176,329)	(112,480)
Net cash flow from financing activities (E)		(77,495)	48,974
Conversion effect (F)		802	(809)
Net cash at the beginning of the period prior to the first-time application of the amendments		84,735	5,306
Adjustment 1st application of amendments1		(2,421)	0
Restated opening net cash position		82,314	5,306
Net cash at end of year	20	47,934	29,005
= Change in net cash position (C+D+E+F)		(34,380)	23,699

1 The line "Adjustment 1st application of amendments" shows the impact on the opening cash position of the application of the amendments to IFRS 9 "Classification and measurement of financial instruments"

‌Notes to the consolidated financial statements as at 30 June 2026

Note 1	Entity presenting the financial statements	26	Note 14	Transition from operating income to EBITDA	32
Note 2	Accounting framework	26	Note 15	Financial profit or loss	33
Note 3	Accounting principles and presentation choices	26	Note 16	Tax expenses	33
Note 4	Estimates	27	Note 17	Intangible assets and property, plant and equipment	33
Note 5	Seasonal nature of the business	27	Note 18	Equity	34
Note 6	Key fact	27	Note 19	Provisions	34
Note 7	Scope of consolidation	28	Note 20	Borrowings and financial liabilities	35
Note 8	Financial risk management	29	Note 21	Fair value information on financial instruments by category	37
Note 9	Segment reporting	30	Note 22	Related party transactions	38
Note 10	Purchases from third parties	31	Note 23	Off-balance sheet commitments	39
Note 11	Payroll expenses	31	Note 24	Contingent liabilities	39
Note 12	Depreciations and amortisations	32	Note 25	Post-balance sheet events	39
Note 13	Other operating income and expenses	32

‌Note 1Entity presenting the financial statements

‌STEF S.A. is a public limited company under French law with its registered office in Paris and whose shares are listed in compartment B of NYSE Euronext Paris. The condensed half-year consolidated financial statements for the half year ended 30 June 2026 include STEF S.A. and its subsidiaries, all of which are referred to as "the Group" as well as the Group's share in associates and joint companies. Unless otherwise indicated, they are presented in euros, rounded to the nearest thousand. These condensed half-year consolidated financial statements were approved by the Board of Directors of STEF S.A. on 3 September 2026.

Note 2Accounting framework

‌The condensed half-year consolidated financial statements for the first half of 2026 ended 30 June 2026 have been prepared in accordance with IAS 34 "Interim Financial Reporting" of the International Financial Reporting Standards (IFRS), as adopted by the European Union. The conventions of a true and fair view, going concern and consistency of methods have been applied.

These condensed half-year financial statements do not include all the information required for the annual financial statements insofar as they only contain the notes that are material in order to understand changes in the Group's activity or financial position, and should therefore be read in conjunction with the consolidated financial statements for the year ended 31 December 2025.

Note 3Accounting principles and presentation choices

The accounting methods applied by the Group to prepare the half-year consolidated financial statements comply with IFRS standards and interpretations as adopted by the European Union at 30 June 2026.

The application over the period of the following new standards and interpretations had no material effect on the condensed consolidated financial statements at June 30, 2026:

Amendments to IFRS 9 and IFRS 7 - Classification and measurement of financial instruments;
Amendments to IFRS 9 and IFRS 7 - Contracts relating to electricity generated from natural sources.
Furthermore, the Group has not applied the following standards and interpretations, which were not adopted by the European Union at 30 June 2026 or whose application is not mandatory at 1 January 2026:
Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates: Translation into a hyperinflationary presentation currency.
IFRS 18 - Presentation and disclosures in the financial statements. IFRS 18 will be mandatory from 1 January 2027. This standard, which will replace the current IAS 1, will alter the structure of the Group's consolidated profit and loss account. Preliminary work carried out by the Group suggests that the application of these criteria will, for example, result in certain income and expenses currently presented within the financial result having to be reclassified to the investment result (such as interest on cash surpluses). Similarly, the share of profit from companies accounted for using the equity method must also be presented under investment profit from now on.
Furthermore, the Group is continuing to identify its Management-defined Performance Measures (MPM) and to analyse the necessary adjustments to the cash flow statement (in particular, the change to the starting point). The Group, which does not plan to adopt it early in 2026, will continue its analysis over the next six months.

‌Note 4Estimates

The preparation of the half-year consolidated financial statements requires the Group's management to exercise judgement and to make estimates and assumptions that have an impact on the application of accounting methods and the values used to prepare the financial statements. In particular, actual final values may differ from estimated values.

Thus, for the preparation of the condensed half-year consolidated financial statements, the significant judgements made in applying the Group's accounting policies and the main sources of uncertainty relating to estimates are similar to those described in the consolidated financial statements for the year ended December 31, 2025.

The specific valuation methods applied to interim reporting periods are as follows:

the tax expense for the half-year is measured by applying the average effective tax rate estimated for the entire financial year to the income before tax for the half-year;
the cost relating to the contractual profit-sharing (quality part) of staff corresponds to half of the estimated cost for the entire financial year;
the employee participation expense and the profit-sharing expense (profitability component) are estimated on the basis of the 2026 budget. These items are re-estimated based on the progress of the results;
‌the amounts recognised in respect of pension commitments in the consolidated balance sheet at 30 June are determined by adjusting the opening net book value of accrued rights, interest expenses and plan contributions based on the amounts estimated at 31 December 2025 for 2026 as well as the actuarial gains and losses for the period.
In preparing its consolidated financial statements, STEF must make estimates, assumptions and judgements that affect the carrying amount of certain assets or liabilities, income and expenses, and the information given in certain notes to the financial statements. STEF reviews its estimates and judgements on a regular basis to take into account past experience and other factors deemed relevant to economic conditions. Depending on changes to these assumptions or on different circumstances that may arise, particularly as a result of current geopolitical risks and their potential direct or indirect impacts, the figures shown in its future financial statements may differ from current estimates, particularly in the following areas:
the projected cash flows and discount and growth rates used to perform impairment tests on goodwill and other tangible and intangible assets when indicators of impairment have been identified by the Group on these assets;
taking into account future taxable income prospects allowing the recognition of deferred tax assets;
estimates and judgements relating to the outcome of ongoing disputes, and in general to all provisions and contingent liabilities.

Note 5Seasonal nature of the business

‌Activity in the second half is generally stronger than in the first half due to the concentration of the summer period and the festive period at the end of the year. As a result, operating income in the first half of the year is traditionally lower than in the second half.

Note 6Key fact

On 10 March 2026, a major fire broke out at the warehouse in Carros, in the Alpes-Maritimes, resulting in the complete destruction of the site. There were no casualties in this incident.

From an operational perspective, business continuity for customers was ensured by rapidly relocating them to other Group sites until a leased facility could be found to house the operations.

The exact causes and circumstances of the incident are currently the subject of several expert investigations. The Group promptly reported the claim to its insurer, who has already paid an advance. As at the balance sheet date, the assessment of the amount of the loss is still ongoing. The costs incurred by the Group to date amount to €4.9 million and, with the exception of excesses, have been offset by insurance proceeds receivable.

‌Note 7Scope of consolidation

Acquisitions duriną the period
Quick Service Loąistics Italia in Italy
In February 2026, STEF acquired a 49% stake in QSL Italia as part of efforts to strengthen the strategic partnership it has developed with QSL. This move builds on the collaborations already established between the two groups, notably through the joint ventures set up in France and Portugal.
The purchase price for this stake amounts to €7.4 million. Given the joint control exerted by the partners over QSL Italia, this company is accounted for using the equity method in the Group's condensed consolidated financial statements as at 30 June 2026.
Transportes Loąileon in Spain
On 1 June 2026, STEF Transportes Frigorificos acquired 100% of the shares in Transportes Logileon for €1.0 million. Transportes Logileon is consolidated on a full-consolidation basis with effect from 1 June 2026.Based on the purchase price allocation work carried out to date, the provisional goodwill stands at €67,000.
Disposals, liquidation
No disposals or liquidations took place during the first half of 2026.
Monitoriną of acquisitions and disposals carried out in 2025
28
As at 30 June 2026, the allocation of the purchase price for Christian Cavegn AG and Christian Cavegn Anstalt remains provisional. A price adjustment of CHF 450,000 in STEF's favour was recorded during the first half of 2026, bringing the purchase price to CHF 84,550,000. This amount includes an additional payment of CHF 5 million recognised as at 31 December 2025 but not yet paid as at the balance sheet date. Work on allocating the purchase price is still ongoing.
Cash allocated to acquisitions and disposals of subsidiaries

	H1 2026	H1 2025
Net outflows following the acquisition of consolidated investments	(642)	0
Net outflows following acquisition of non-controlling interests	(7,350)	0
Net inflows following the disposal of subsidiaries	0	880
Other items (earn-outs/recapitalisation, etc.)	489	560
Total inflows and outflows related to acquisitions and disposals of subsidiaries net of cash acquired	(7,503)	1,440

‌Note 8Financial risk management

The Group hedges interest rate risk on variable-rate debt linked to long-term real estate financing through interest rate swaps.

At 30 June 2026, the total notional amount of instruments intended to hedge interest rate risk on variable-rate debt was €94m compared with €65m at 31 December 2025.

The share of fixed-rate debt (after taking hedging instruments into account) as a percentage of total gross debt was 58.2% at 30 June 2026 compared with 57.6%

at 31 December 2025.

The Group's exposure to customer credit risk did not experience any material adverse change during the past half-year. None of its customers is of such size that its default could have a significant effect on the Group's financial situation, which, notwithstanding the protection mechanisms available to it under applicable regulations, continues to use credit insurance.

With regard to foreign exchange risk, most of the flows outside the eurozone concern Switzerland and the United Kingdom. Within these scopes, revenues and associated costs are mainly domestic and recognised in local currency, which limits the impact of a change in the exchange rate on the Group's results.

As part of the financing for the acquisition of the Cavegn Group, the Group entered into a cross-currency swap in 2025 with a hedged notional amount of €35 million. This instrument is intended to hedge the foreign exchange risk associated with this acquisition.

Lastly, with regard to liquidity risk, the Group remains under-exposed overall given the existing margins on available credit lines due to its active cash pooling policy in France and its main European subsidiaries.

‌Note 9Segment reporting

As a reminder, the Group identifies two operating segments based on information transmitted internally to General Management, which is the Group's main operational decision-maker.

H1 2026	France	International	Other	Consolidated data
Revenue from activities (including inter-activity sales)	1,289,328	1,080,963	410,758	2,781,049
Inter-activities	(28,843)	(13,501)	(51,570)	(93,914)
Consolidated net revenue	1,260,485	1,067,462	359,188	2,687,135
Current operating income	61,085	40,379	3,395	104,859
Other operating income and expenses	(860)	(898)	(220)	(1,978)
Operating income	60,225	39,481	3,175	102,881

H1 2025	France	International	Other	Consolidated data
Revenue from activities (including inter-activity sales)	1,216,663	965,175	377,870	2,559,709
Inter-activities	(25,450)	(11,576)	(48,626)	(85,652)
Consolidated net revenue	1,191,213	953,599	329,244	2,474,057
Current operating income	47,668	27,457	4,759	79,884
Other operating income and expenses	12,297	(36,198)	(109)	(24,010)
Operating income	59,965	(8,741)	4,650	55,874

Within the International sector, only Italy accounts for more than 10% of the Group's revenue. For H1 2026, its revenue and operating income amounted to €325 million and €14.3 million respectively (€299 million and -€30.7 million in H1 2025). Italy's results in 2025 were notably affected by the aftermath of an operational incident, as well as by the consequences of a tax audit that had begun in early 2025.

No significant events occurred during the first half of 2026.

"Other" revenue includes sales of goods for the Food Service business (out-of-home catering) amounting to

€351 million in the 1st half of 2026 compared with €322 million in the 1st half of 2025.The Group believes that this activity, which does not generate income, is not representative of the added value that the Group offers its customers and therefore did not consider it necessary to present a specific sector in this respect.The remainder includes the business of STEF SA (the group's holding company with no operational activity) and IT services for external customers.

‌Note 10Purchases from third parties

	H1 2026	H1 2025
Non-energy purchases (including food service goods)	(373,921)	(344,439)
Purchases of diesel and other fuels	(108,823)	(87,084)
Purchases of other energy	(36,132)	(32,012)
Transport subcontracting	(758,428)	(718,591)
Rents and lease charges	(25,835)	(23,219)
Servicing and maintenance	(83,833)	(80,538)
External staff and remuneration of intermediaries	(137,208)	(126,484)
Insurance and damage	(49,124)	(44,851)
External and miscellaneous services	(52,517)	(45,984)
Total:	(1,625,821)	(1,503,203)

The increase in this item is mainly due to changes in the scope of consolidation (+€8 million), growth in the Food Service business leading to higher purchases of goods (+€29 million), in line with the associated revenue, as well as an increase in subcontracting costs (+€40 million).

‌For fuel, the regulatory framework of the bill base in France, as well as contractual arrangements abroad, limit the Group's exposure. As regards electricity, the ARENH scheme from which the Group benefited in France ended in early 2026. Nevertheless, the Group's exposure to volatility in electricity prices remains limited, as the majority of its consumption is either covered by fixed-

price supply contracts with its various suppliers or generated in-house by the Group following investments in renewable energy. However, the Group remains exposed to fluctuations in market prices for the portion of consumption not covered by these arrangements.

Rental expenses and lease charges mainly correspond to expenses relating to leases exempt under IFRS 16 (short-term leases and/or leases with a low unit value) as well as to the service components of leases (mainly property rental expenses and maintenance and upkeep contracts for rolling stock).

Note 11Payroll expenses

H1 2026

H1 2025

Wages and remuneration

Net expenses for retirement indemnities and long-service awards Employee profit-sharing and incentive schemes (incl. top-ups)

(740,336)

(7,715)

(25,891)

(692,858)

(2,405)

(25,574)

Payroll expenses

(773,942)

(720,837)

"Salaries and compensation" includes the expense related to performance share plans. At 30 June, 2026, this amounts to €0.7m including employer contributions (€1.7m at 30 June, 2025). The group also implemented a new plan in H1 2026 for a maximum of 38,400 shares to be allocated.

The main increase in personnel expenses is mainly due to the increase in the Group's workforce, including the integration of companies recently taken over by the group.

‌Note 12Depreciations and amortisations

H1 2026

H1 2025

Amortisation of intangible assets

Amortisation of property, plant and equipment Amortisation of right-of-use assets

(2,102)

(92,262)

(45,070)

(2,400)

(81,464)

(46,784)

Total

(139,433)

(130,647)

‌The increase in depreciation and amortisation expenses over the period is explained in particular by recent investments in the Group's vehicle fleet, warehouses and platforms, as well as scope effects.

Note 13Other operating income and expenses

	H1 2026	H1 2025
Gains/(losses) on disposals of real estate assets	0	0
Gains/(losses) on disposals of rolling stock	1,690	2,494
Gains/(losses) on disposals of subsidiaries & financial assets	0	1,096
Impairment of assets, scrapping and other	(2,562)	(852)
Other operating income	5,687	13,099
Other operating expenses	(6,793)	(39,847)
Total	(1,978)	(24,010)

"Asset write-downs, scrapped assets and other items" consist mainly of assets that were scrapped following the fire that destroyed the Carros warehouse (see Note 6. Key fact).

Insurance products relating to this claim are presented under the heading "Other operating income". In 2025, other operating income had been affected by the €13 million received following the full write-off of late payment penalties and interest charged to the Foodservice business unit (STEF France) as a result of several VAT audits.

‌In 2025, the "Other operating expenses" line included the provision for the tax audit in Italy (see note 9). As at 30 June 2026, this mainly comprises the costs incurred by the group as a result of the Carros incident, as well as an additional provision of €1.6 million in respect of ongoing restructuring plans.

Note 14Transition from operating income to EBITDA

H1 2026

H1 2025

Operating income

Net depreciation, amortisation and impairment of fixed assets

Net allocations to impairment and provisions and other items with no impact on cash recorded in personnel expenses and in other operating income and expenses

102,881

139,433

2,066

55,874

130,647

29,773

Total

244,380

216,295

"Net allocations to impairments and provisions and other items with no impact on cash recorded in personnel expenses and in other operating income and expenses" in 2025 included the provision for the tax audit in Italy (see Note 9).

‌Note 15Financial profit or loss

	H1 2026	H1 2025
Financial income	1,872	1,428
Dividends received from non-consolidated investments
Fair value income from financial assets and liabilities designated at fair value through profit or loss	7	26
Other financial income	1,594	1,119
Net foreign exchange gain	271	283
Financial expenses	(24,236)	(21,064)
Net interest expenses on financial liabilities at amortised cost	(18,709)	(16,807)
Interest expense on lease obligations	(4,979)	(4,257)
Fair value expense on financial assets and liabilities designated at fair value through profit or loss	0	0
Net foreign exchange loss	0	0
Other financial expenses - impairment of financial assets	(548)	0
Total	(22,364)	(19,636)

‌The average cost of net financial debt stood at 2.8% in the first half of 2026, compared with 2.9% in the first half of 2025. This relative stability can be attributed to market rates remaining at broadly similar levels over the period, with the average 3-month Euribor standing at 2.2%, compared with 2.3% a year earlier.

Note 16Tax expenses

‌The effective tax rate applied to the pre-tax profits of the Group's companies stood at 35.7%, down 6.0 percentage points on the effective tax rate for the 2025 financial year (41.7%). This decrease is mainly due to the absence of the adverse effect arising from the non-deductibility of expenses resulting from the tax audit in Italy in 2025 (see Note 9).

Note 17Intangible assets and property, plant and equipment

The €71 million increase in intangible assets and tangible assets - including rights of use - was driven in particular by the following gross investments:

€113 million in real estate investments, including €50 million for rights of use related to leases;
the acquisition of rolling stock for €44 million, including €19 million for rights of use related to leases.

The Group did not identify any indications of impairment over the half-year period requiring impairment tests to be carried out at 30 June 2026.

‌Note 18Equity

STEF S.A.'s share capital, on 30 June 2026, consisted of 12,850,000 paid-up shares with a nominal value of €1.

‌The dividend paid in the first half of 2026, in respect of the earnings for the 2025 financial year, amounted to €2.70 per share, for a total disbursement of €34,174,000.

Note 19Provisions

Changes in provisions for liabilities and charges are as follows:

	31 December 2025	Allocations	Reversals	Other changes	30 June 2026
Retirement severance pay	9,463	2,506	(2,351)	(1,457)	8,161
Long-service awards	13,678	5,209	(370)	5	18,522
Provisions for disputes	17,759	11,599	(11,806)	(11)	17,541
Other provisions	26,929	3,152	(7,291)	175	22,965
Total	67,829	22,466	(21,818)	(1,288)	67,189
Current	23,200	10,222	(15,790)	(10)	17,623
Non-current	44,629	12,244	(6,028)	(1,278)	49,566

The discount rate for commitments relating to retirement indemnities and long-service awards has been updated and is up over the period (4.05% at 30 June 2026 vs. 3.80% at

31 December 2025 in the eurozone and 1.40% at 30 June

2026 vs. 1.20% as at 31 December 2025 in Switzerland). This increase had the effect of reducing commitments relating to retirement indemnities and long-service awards (-€1.5 million).

Provisions for long-service awards have increased as a result of the abolition of the social security contribution exemption applicable to bonuses paid from 1 January 2027 on the occasion of the award of the Medal of Honour, following the update to the Official Social Security Bulletin in April 2026 in France.

"Provisions for disputes" cover the costs incurred as a result of damage affecting transport, handling or storage services and also the risks in various disputes.

"Other provisions" mainly cover tax and social risks.

‌Note 20Borrowings and financial liabilities

The breakdown of current and non-current financial debt consists of the following debt categories:

	30 June 2026	31 December 2025
Non-current financial liabilities
Bank loans and drawdowns of confirmed credit lines due in more than one year Lease obligations Fair value of financial derivatives	780,977 259,783 879	806,706 241,409 414
Total	1,041,639	1,048,529
Current financial liabilities
Due in less than one year of:
Bank loans and spot credit lines	274,775	280,560
Lease obligations	72,476	70,229
Other miscellaneous financial liabilities	3,257	3,119
Commercial paper	253,000	215,000
Fair value of financial derivatives	361	471
Bank overdrafts and short-term loans (a)	83,491	31,701
Total	687,360	601,079
Total financial liabilities (b)	1,728,999	1,649,608
Marketable securities and investments	30	44
Cash assets	131,394	116,392
Total cash and cash equivalents (c)	131,424	116,436
Bank overdraft and short-term loans (a)	(83,491)	(31,701)
Total net cash and cash equivalents (c) - (a)	47,933	84,735
Net debt (b) - (c)	1,597,574	1,533,172
Net Debt/Total Equity Ratio	1.19	1.17

Changes in financing activities during the half-year, broken down by cash and non-cash flow, are shown below:

		Cash flow			Non-cash flow			30 June 2026
	31 December 2025	New borrowings Reimb.	Changes in scope	Change in fair value	Forex impact	New lease liabilities	Reclassificati on and other movements*	30 June 2026
Bank loans and
drawdowns on
credit facilities	1,087,266	101,902 (134,299)			883			1,055,752
Lease
obligations
(IFRS16)	311,637	(41,745)	24		683	67,588	(5,927)	332,259
Commercial
paper	215,000	38,000			0			253,000
Miscellaneous
financial
liabilities &
accrued interest
not due	3,119				607		(469)	3,257
Bank overdrafts
and short-term
loans	31,701	51,790						83,491
Fair value of
financial
derivatives	885			355				1,240
Total	1,649,608	191,692 (176,044)	24	355	2,173	67,588	(6,396)	1,728,999

* Reclassifications and other movements include, in particular, the impact of lease terminations.

The current cash requirements necessary for the Group's operations are mainly met by credit lines obtained at the parent company level. The Group has 14 confirmed medium-term credit lines (ranging from 2 to 5 years for an average residual maturity of 22 months) for a total of

€385 million, €235 million used at 30 June 2026 (i.e.

€150 million in available lines). At 31 December 2025, 15 credit lines were available for a total of €405 million, including €265 million used at that date.

The outstanding commercial paper programme, issued by STEF SA, with maturities of less than 1 year, at 30 June 2026 was €253 million (€215 million at 31 December 2025).

Lastly, the Group also has a spot credit facility of €5 million (unused at 30 June 2026 and 31 December 2025) and overdraft authorisations, with no agreed maturity, for a maximum available amount of €174 million (€172 million at 31 December 2025), of which €83.5 million was used at 30 June 2026 (€31.7 million at 31 December 2025).

‌Note 21Fair value information on financial instruments by category

	Carrying amount in the balance sheet as at 30 June 2026	Fair value through profit or loss	Fair value through other comprehensiv e income	Financial instruments at amortised cost	Assets not classified as financial
Non-consolidated equity investments	410		410
Other non-current financial assets (including fair value of derivatives)	900		900
Loans and receivables from financing activities	41,344			41,344
Investment securities	3,925		3,925
s/total: non-current financial assets	46,579		5,235	41,344	0
Trade receivables	901,413			901,413
Other current financial assets	204,163		546	203,617
Cash and cash equivalents	131,424	131,424
Assets	1,283,579	131,424	5,781	1,146,374	0

	Carrying amount in the balance sheet as at 30 June 2026	Fair value through profit or loss	Fair value through other comprehensiv e income	Financial instruments at amortised cost	Liabilities not classified as financial
Derivative financial liabilities	1,240		1,240
Liabilities from financing activities	1,644,268			1,312,009	332,259
Current financial liabilities	83,491			83,491
s/total: financial debt	1,728,999	0	1,240	1,395,500	332,259
Suppliers	661,247	661,247
Other creditors	516,307	516,307
Liabilities	2,906,553	0	1,240	2,573,054	332,259

Financial instruments recognised at fair value are classified according to the following hierarchy level:

Level 1: financial instruments listed on an active market;

	Level 1	Level 2	Level 3
Financial assets at fair value through other comprehensive income (excluding derivatives)		4,335
Other debtors
Derivatives		1,446
Cash and cash equivalents	131,424
Assets	131,424	5,781	0
Derivatives		1,240
Liabilities	0	1,240	0

Level 2: financial instruments whose valuation involves the use of valuation techniques based on observable parameters;
Level 3: financial instruments whose valuation involves the use of valuation techniques based, in whole or in part, on unobservable inputs.

‌Note 22Related party transactions

Related parties, with respect to the STEF Group, include associated companies and joint companies, directors (including members of the Group's senior management), as well as the shareholding structures of executives and managers who are not directors and the employee mutual investment fund.

There were no significant changes in the nature, terms and amounts of transactions with related parties during the 1st half of 2026.

The value of the shares and the Group's share in the results of associates and joint companies breaks down as follows:

30 June 2026	Group share	Net assets of the company	Equity-accounted value	Net profit or loss	Share of profit or loss
Primever Group	40%	89,032	36,311	5,116	2,046
Messageries laitieres	39%	14,776	7,053	1,444	559
QSL STEF	49%	11,198	5,487	1,050	514
QSL Portugal	49%	1,298	636	149	73
QSL Italy	49%	8,203	7,672	658	322
Froid combi	25.5%	8,422	2,148	1,950	497
Norfrigo	38%	26,888	7,246	112	42
Medsealog	29%	1,873	919	(514)	(149)
Olano Seafood Iberica	32%	7,884	2,869	81	26
Olano Valencia	40%	8,286	4,209	425	170
SNC Normandie Export Logistics	39%	7,471	2,891	104	40
Bourgogne Logistique Frais	39%	2,940	1,147	(72)	(28)
Roucayrol	30%	6,058	3,091	175	53
Other (SSCV)	49%	93	47	0	0
Total		194,422	81,726	10,678	4,166

The contribution to income of equity-accounted companies was positive at €4.2 million compared with a share of positive income at 30 June 2025 of €4.0 million.

‌Note 23Off-balance sheet commitments

‌The off-balance-sheet commitments set out in the notes to the consolidated financial statements for the 2025 financial year did not change significantly during the first half of 2026.

Note 24Contingent liabilities

‌At 30 June 2026 and 31 December 2025, there were no disputes or litigation likely to have a material impact on the Group's financial position and future results.

Note 25Post-balance sheet events

No significant events occurred between 30 June 2026 and the date on which the Board of Directors approved the condensed interim consolidated financial statements on 3 September 2026.

‌Statutory auditors' report on the

40 half-year financial

information 2026

STEF / 2026 Half-year financial report

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