RÉSULTATS ANNUELS GROUPE STEF - MA
CONTENTS
CHALLENGES AND OPPORTUNITIES
OF THE YEAR
3BUSINESS PERFORMANCE
ANALYSIS
5
PREPARING FOR
THE FUTURE
A MIXED
2PERFORMANCE
4CONTRIBUTING TO A MORE
SUSTAINABLE WORLD
6 APPENDICES
ANNUAL RESULTS STEF GROUP - MARCH 2026
1
CHALLENGES AND OPPORTUNITIES OF THE YEAR
ANNUAL RESULTS STEF GROUP - MARCH 2026
A CHALLENGING ECONOMIC ENVIRONMENT
Retail
Two trends are emerąiną in the sector, particularly in France, Beląium and the Netherlands:
The consolidation of players
The revision of loąistics networks
4
| ANNUAL RESULTS STEF GROUP - MARCH 2026A YEAR AFFECTED BY EXCEPTIONAL FACTORS
Taxation
The tax surcharąe in France amounts to
€12 million in 2025 and will be renewed in
2026
The exceptional VAT adjustment in Italy
impacted the operatiną profit by €29 million
| ANNUAL RESULTS STEF GROUP - MARCH 20265
COMPLEX INTEGRATION PROJECTS
Integration
The transformational acquisitions carried out in Beląium and the Netherlands are part of a loną-term strateąy:
Slower inteąration pace than expected
Siąnificant scope of work required to
harmonise processes and tools
| ANNUAL RESULTS STEF GROUP - MARCH 2026A NEW AMBITION IN SWITZERLAND
The acquisition of Christian Caveąn AG strenąthens
STEF's position in the Swiss market
€20m contribution to the turnover in 2025
Mettre la photo d'un conducteur
caveign devant un site STEF (cf. Laure)
450 employees
Möhlin
Basel
Schafisheim
Kloten Gossau
Zurich
Kölliken
Bern
Bussiąny
Landquart
(sièąe)
Givisiez
Lausanne
Satiąny
Saint-Léonard (Sion)
Cadenazzo
Geneva
400 vehicles
ANNUAL RE|SULTS STEF GROUP - MARCH 2026
© Google / Frank O Bispo Na Europa
2
A MIXED
PERFORMANCE
2 FINANCIÈREPERFORMANCE
8
ANNUAL RESULTS STEF GROUP - MARCH 2026
A TURNOVER TARGET MET A YEAR AHEAD OF SCHEDULE
+6.6%
+4.7% like-for-like
€144m
€92m
€82m
€4,801m
€5,119m
2024 Organic
growth
Change in scope
Sales of goods and others
2025
A DECLINE IN OPERATING PROFIT DUE TO
SEVERAL ADVERSE EVENTS
€228.4m
€173.0m
Chanąe in current operational income
-€23.6m
Otheroperatiną income and expenses
-€31.8m
Operating income 2024
Operating income
2025
NON-RECURRING ITEMS AFFECTED BY AN EXCEPTIONAL VAT ADJUSTMENT
€m | 2024 | 2025 |
Gains on real estate asset and branch sales | 2.7 | 1.7 |
Gains on vehicle sales | 4.9 | 4.0 |
Others | (3.4) | (33.3) |
Other operatiną income and expenses | 4.2 | (27.6) |
DISCIPLINED FINANCIAL OUTCOME
€m | 2024 | 2025 |
Financial incomes | 1.9 | 2.2 |
Financial expenses | (41.7) | (42.5) |
Financial result | (39.8) | (40.3) |
2024 | 2025 | |
Average EURIBOR 3M | 3.6% | 2.2% |
Net debt end of period (€m) | 1,340 | 1,533 |
Average cost of the financial debt | 3.3% | 2.9% |
A SHARP INCREASE IN THE TAX RATE DESPITE A SIGNIFICANT DECLINE IN THE TAX BASE
+16.3 pts
+7.4 pts
€55.3m
41.7%
+8.9 pts
€47.8m
25.4%
Tax rate on pre-tax profit for 2024
Corporate tax surcharge in France
Italy effect
+ Others
Tax rate on pre-tax profit for 2025
NET RESULT BELOW NORMAL PERFORMANCE LEVELS
-46%
€157m
-€23.5m
-€31,8m
-€0,5m
-€7.5m -€1m
€84m
-€8.5m
2024
Net result
(Group share)
Current operating income
Other operating income and expenses
Financial result
Corporate tax
Equity method and minority interests
Discontinued operations
2025
Net result (Group share)
INVESTMENTS & FINANCIAL DEBT
Investments Net debt
€1,533m
€1,340m
Lease debt
€312m
Lease debt
€323m
Net debt
excl. IFRS 16
€1,017m
Net debt
excl. IFRS 16
€1,221m
€447m
€372m
CAPEX
€348m
CAPEX
€299m
Ext. growth
& others
€99m
Ext. growth
& others
€73m
2024
2025 31/12/2024 31/12/2025
A DISTRIBUTION POLICY THAT DEMONSTRATES THE
GROUP'S CONFIDENCE IN THE FUTURE
Proposal to pay a dividend of
€2.70 per share, subject to approval by the
General shareholders' meetiną
40% of net profit will be distributed as dividends to shareholders
| ANNUAL RESULTS STEF GROUP - MARCH 2026 16
3
BUSINESS PERFORMANCE ANALYSIS
ANNUAL RESULTS STEF GROUP - MARCH 2026
CONTRAST BETWEEN SALES DYNAMIC AND PERFORMANCE
Food consumption in Europe remains fairly resilient, around 1.4%, with three distinct market realities
The international share of turnover continues
to ąrow and reaches 45% of total turnover
Turnover in France increases by 2.5%, driven by stroną resilience in food consumption
|
Neąative exceptional items in Italy continue to distort the performance readiną
ANNUAL RESULTS STEF GROUP - MARCH 2026
FRANCE ACTIVITIES
TURNOVER OPERATING INCOME
+2.5%
€2,398m
€2,459m
€147m
€147m
The performance of the Chilled Flow Business Unit remains stable, with flat turnover
The Foodservice business maintains its profitability despite a complex market while continuiną its investments to support ąrowth
The outsourced industrial loąistics activities (Dry and Ambient and Supply Chain) show stroną ąrowth
The Frozen Foods Business Unit sees its profitability affected, particularly by the retail market reorąanisation
The Retail Business Unit continues its stroną momentum in 2025, but its results are impacted by the end of a major contract
2024
2025
2024 2025
in the Paris reąion
INTERNATIONAL ACTIVITIES
TURNOVER OPERATING INCOME
Performance in Spain and Portuąal remains stable, driven by stroną commercial momentum
+9.7%
€78m
€23m
+4.5% like-for-like
€1,798m
€1,974m
2024 2025 2024
-70%
2025
Activity in Switzerland continues to ąrow, notably thanks to a major Frozen food project and the inteąration of Christian Caveąn AG
Excludiną exceptional items, performance in Italy remains stable
Results in Beląium and the Netherlands are affected by inteąration costs and a difficult economic environment
The UK maintains its performance, supported by the inteąration of Loną Lane Deliveries
INTEGRATIONS THAT STRENGTHEN
STEF'S MARKET LEADERSHIP IN EUROPE
2023 |
TransWest (Belgique) |
2024 |
Montfrisa (Espagne) |
Long Lane Deliveries (Royaume-Uni) |
Bakker Logistiek (Pays-Bas) |
TDL Logistics (Belgique) |
2025 |
Christian Cavegn AG (Suisse) |
The latest acquisitions have contributed to a siąnificant transformation of the Group
+ €420m
turnover*
+ 3,000
employees*
+ 26
warehouses and
depots*
*data as of acquisition date
| ANNUAL RESULTS STEF GROUP - MARCH 2026 21
4
CONTRIBUTING TO A MORE SUSTAINABLE WORLD
ANNUAL RESULTS STEF GROUP - MARCH 2026
KEY 2025 ADVANCEMENTS
Objective no. 1
Reduciną GHG emissions from our vehicles by 30%
Over 800 alternative-fuel vehicles in operation by the end of 2025 (25% of the fleet)
12% reduction in fuel
consumption since 2019
Optimisation of transport routes and vehicle load factors
Objective no. 2
100% low-carbon enerąy in our buildinąs
€85 million invested in
renewable energy since 2019
Deployment of on-site photovoltaic electricity generation capacity
Objective no. 3
Support our subcontractors
7.9% reduction in CO₂e emissions per kilometre (vs. 2019)
Fleet renewal with nearly 93% of vehicles equipped with Euro VI engines (compared to 86% in 2022)
Objective no. 3
Traininą and raisiną the awareness of our teams
More than 1,500 employees trained on climate change challenges since 2019
400 drivers trained in eco-
driving techniques in 2025
112%
88%
of the objective reached of the objective reached
| ANNUAL RESULTS STEF GROUP - MARCH 20265
PREPARING FOR
THE FUTURE
4ANNUAL RESULTS STEF GROUP - MARCH 2026
THE BEGINNING OF A NEW CYCLE
A return to more normalised results is expected from 2026, despite onąoiną headwinds that will continue to impact performance
Priority ąiven to inteąratiną acquired companies
A new orąanisational structure has been put in place to effectively support strateąic orientations and international ąrowth
The openiną of a reflection process for the next strateąic plan (2027-2031)
François Pinto, International Operating CEO and Damien Chapotot, France Operating CEO
| ANNUAL RESULTS STEF GROUP - MARCH 2026FINANCIAL CALENDAR
TURNOVER
1stQUARTER 2026
23 April 2026 before trading
TURNOVER
2ndQUARTER 2026
23 July 2026 end of trading
HALF-YEAR RESULTS 2026
3 September 2026 end of trading
Présentation: 4 September 2026
TRUNOVER
3rdQUARTER 2026
22 October 2026 end of trading
QUESTIONS
ANNUAL RESULTS STEF GROUP - MARCH 2026
6
APPENDICES
ANNUAL RESULTS STEF GROUP - MARCH 2026
SIMPLIFIED INCOME STATEMENT
€m | 2024 | 2025 | Change 24/25 in €m | Change 24/25 in % |
Turnover | 4,800.8 | 5,119.5 | 318.7 | 7% |
Turnover excl. Third-party sales | 4,213.0 | 4,447.2 | 234.2 | 6% |
Current EBIT | 224.2 | 200.6 | (23.6) | (11%) |
Other operating income and expenses | 4.2 | (27.6) | (31.8) | |
EBIT | 228.4 | 173.0 | (55.4) | (24%) |
Financial income | (39.8) | (40.3) | (0.5) | 1% |
Profit before tax | 188.6 | 132.7 | (55.9) | (30%) |
Profit for continued operations | 148.8 | 84.4 | (64.4) | (43%) |
Profit for discontinued operations | 8.5 | 0 | (8.5) | (100%) |
Net income Groupe share | 157.2 | 84.3 | (73.0) | (46%) |
EBITDA | 484.3 | 435.2 | (49.1) | (10%) |
EBIT
€m | 2024 | 2025 | Change 24/25 in €m | Change 24/25 in % |
Turnover | 4,800.8 | 5,119.5 | 318.7 | 7% |
Purchases from third parties | (2,933.8) | (3,141.9) | (208.1) | 7% |
Taxes | (57.5) | (70.9) | (13.4) | 23% |
Payroll expenses | (1,339.3) | (1,438.0) | (98.7) | 7% |
Depreciations and amortisations | (241.3) | (267.8) | (26.5) | 11% |
Net reversal of provisions | (4.6) | (0.2) | 4.4 | |
Other operating income and expenses | 4.2 | (27.6) | (31.8) | |
EBIT | 228.4 | 173.0 | (55.3) | (24%) |
CASH FLOW
€m | 2024 | 2025 |
Self-financing | 399.0 | 341.3 |
Change in working capital | (1.7) | (36.5) |
Net investment program | (447.4) | (371.6) |
Free cash flow | (50.1) | (66.7) |
Capital increase (and share buyback) | 0.5 | 0.3 |
Dividends | (63.9) | (52.5) |
Other cash flows | (181.4) | (73.9) |
Net debt at closiną | (1,340.4) | (1,533.2) |
NET INVESTMENT PROGRAM
€m | 2024 | 2025 |
Investments in tangible and intangible assets | (355.3) | (306.9) |
Net financial investments | (102.9) | (77.1) |
Sales of assets | 7.3 | 7.8 |
Other | 3.5 | 4.6 |
Total | (447.4) | (371.6) |
BALANCE SHEET
€m | 31/12/2024 | 31/12/2025 |
Goodwill | 390.4 | 455.1 |
Property, plant and equipement | 2,252.4 | 2,365.6 |
Other non-current assets and fixed assets | 139.5 | 152.8 |
Total non-current and financial assets | 2,782.3 | 2,973.5 |
Net working capital requirement | (31.4) | 5.4 |
Total assets (net) | 2,750.9 | 2,978.9 |
Equity | 1,277.3 | 1,311.9 |
Provisions and deferred tax liabilities | 133.2 | 133.8 |
Net debt | 1,340.4 | 1,533.2 |
Total liabilities (net) | 2,750.9 | 2,978.9 |
EVOLUTION OF THE VOLUME OF SALES (TURNOVER) IN THE FOOD RETAIL TRADE
2024 | 2025 | |
Euro zone | +0.5% | +1.5% |
Belgium | -0.7% | -1.3% |
Spain | +1.3% | +4.1% |
France | +1.3% | +1.8% |
Italy | -1.0% | -0.5% |
Netherlands | -3.7% | -0.7% |
Portugal | +5.0% | +5.1% |
Switzerland | +0.4% | +0.3% |
United Kingdom | -1.6% | +0.6% |
Source: Eurostat,as of 24/02/2026 (in euros, excluding inflation). Data adjusted for calendar effects and seasonally adjusted, including sales in food wholesale and retail trade, including tobacco and drinks. Except for United Kingdom, Office for National Statistics (ONS).
GROUP