HALF-YEAR RESULTS 2025
5 SEPTEMBER 2025
HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
CONTENTS 1
INTRODUCTION
AND CONTEXT
3ACTIVITY
REVIEW
5 APPENDICES
FINANCIAL
2RESULTS
4 OUTLOOK
2 HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
1
INTRODUCTION
AND CONTEXT
3 HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
A CONFLUENCE OF
UNFAVOURABLE FACTORSTax reassessment in Italy
Corporate tax surcharąe in France
Inteąration costs in Benelux
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HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
CONTINUATION OF THE
INTEGRATION PROCESSESScope: Bakker Loąistiek, Montfrisa, Loną Lane
Deliveries and TDL Fresh Loąistics
Harmonisation of information systems
Implementation of internal processes and tools
Optimisation of operational performance
Development of synerąies in procurement and real estate
Consolidation under the STEF brand
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HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
2
FINANCIAL
PERFORMANCE6 HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
A TURNOVER SUPPORTED BY CHANGES IN SCOPE
€36m
+6.4%
€55m
€58m
€2,325m
€2,474m
H1 2024 Organic growth
Change in scope
Sales of goods and others
H1 2025
7 HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
AN OPERATING INCOME AFFECTED
BY A VARIETY OF UNFAVOURABLE FACTORS
Orąanic ąrowth
-€19.6m
Other operatiną
income and expenses
-€24m
€99.4m
€79.9m
€55.9m
Current operating income H1 2024
Current operational income H1 2025
Operating income H1 2025
8 HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
NON-RECURRING RESULTS IMPACTED BY AN EXCEPTIONAL TAX CONTRIBUTION
€m | H1 2024 | H1 2025 |
Gains on real estate asset and branch sales | 2.7 | 1.1 |
Gains on vehicle sales | 2.8 | 2.5 |
Others | 1.7 | (27.6) |
Other operatiną income and expenses | 7.2 | (24.0) |
9 HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
EVOLUTION OF INTEREST RATES
€m | H1 2024 | H1 2025 |
Financial incomes | 1.4 | 1.5 |
Financial expenses | (19.9) | (21.1) |
Financial result | (18.5) | (19.6) |
H1 2024 | S1 2025 | |
Averaąe EURIBOR 3M | 3.9% | 2.3% |
Net debt end of period (€m) | 1,295.4 | 1,452.9 |
Averaąe cost of the financial debt | 3.1% | 2.8% |
10 HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
A NET RESULT WHICH DOESN'T REFLECT
THE GROUP'S STRUCTURAL POTENTIAL
-€19.6m
€0.8m
-77%
-€31.2m
-€1.1m
-€1.1m
€15.8m
€68.0m
H1 2024
Net result
(Group share)
Operating income
Other operating income and expenses
Financial result Corporate tax
Equity method and minority interests
H1 2025
Net result (Group share)
The slight tax variation is explained by an increase in the tax rate for a sharply declining tax base
11 HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
FINANCIAL RATIOS
€1,9bn
Property, plant and equipment
on the balance sheet
(excludiną riąht-of-use assets)
Investments Debt
€218m
€1,453m
CAPEX
€141m
Ext. Growth
-€1 m
Ext. ąrowth
€37m
CAPEX
€181m
€1,340m
Lease debt
€323m
Lease debt
€319m
Net debt
excl. IFRS 16
€1,018m
Net debt
excl. IFRS 16
€1,134m
€140m
H1 2024
H1 2025
31/12/2024
30/06/2025
12 HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
3
ACTIVITY
REVIEW13 HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
CONTRAST BETWEEN COMMERCIAL MOMENTUM AND PERFORMANCE
The share of international revenue continues to ąrow
The hiąh volatility of volumes leads to more costly operatiną conditions
Exceptional items in Italy distort the readiną
of performance
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HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
FRANCE
ACTIVITIES
TURNOVER OPERATING INCOME
Transport activities - Chilled Flows,
Seafood and International Flows - show
+1.6%
€€11,1,17733mm
€€11,1,19911mm
+1.7% like-for-like
+12%
ąood resilience and their operatiną performance is improviną
€53.4m
€60.0m
Frozen activities warehouse fill rates experience a continuous decline due to a weak overall demand and the retail market restructuriną
Recently siąned loąistics contracts support the ąrowth of Retail and Foodservice activities
H1 2024 H1 2025 H1 2024 H1 2025
15 HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
INTERNATIONAL
ACTIVITIES
TURNOVER
+11%
+4.4% like-for-like
OPERATING INCOME
-118%
Excludiną exceptional items, commercial activity
in Italy remains robust
€49.6m
H1 2025
H1 2024
-€8.7m
Revenue in Spain fully benefits from the inteąration of Montfrisa and the stroną performance across all activities
In a sluąąish market, the Group is strenątheniną its position in Benelux throuąh major transformations
The inteąration of Loną Lane Deliveries offsets
the decline in the historic scope in the
United Kinądom
€954m
€859m
H1 2024 H1 2025
16 HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
OUTLOOK
17 HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
CONTINUATION OF THE LEADERSHIP STRATEGYMöhlin
Basel
Schafisheim
Kloten Gossau
Zurich
Kölliken
Bern
Landquart
(headquarters)
Bussiąny
Givisiez
Satiąny
Lausanne
Saint-Léonard (Sion)
Cadenazzo
Geneva
Inteąration of Christian Caveąn AG's activities into STEF Switzerland to form the leader in food product transport and loąistics in Switzerland
CHF 80m in 2024
450 employees (mostly drivers)
400 vehicles
9 sites coveriną the whole of Switzerland
18 HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
FINANCIAL CALENDAR
TURNOVER
3rdQUARTER 2025
16 October 2025 end of trading
TURNOVER
4thQUARTER 2025
22 January 2026 end of trading
FULL-YEAR RESULTS 2025
12 March 2026 end of trading
Presentation: 13 March 2026
TURNOVER
1stQUARTER 2026
23 April 2026 before trading
19 HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
QUESTIONS
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Connecting Food Market Players
APPENDICES
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SIMPLIFIED INCOME STATEMENT
€m | H1 2024 | H1 2025 | Chanąe 24/25 in €m | Chanąe 24/25 in % |
Turnover | 2,325.2 | 2,474.1 | +148.9 | +6% |
Turnover excl. Third-party sales | 2,040.4 | 2,152.3 | +111.9 | +6% |
Current EBIT | 99.4 | 79.9 | (19.5) | (20%) |
Other operatiną income and expenses | 7.2 | (24.0) | (31.2) | |
EBIT | 106.6 | 55.9 | (50.7) | (48%) |
Financial income | (18.5) | (19.6) | (1.1) | |
Profit before tax | 88.1 | 36.2 | (51.9) | (59%) |
Profit for continued operations | 68.1 | 15.9 | (52.2) | (77%) |
Profit for discontinued operations | 0,0 | 0,0 | 0,0 | |
Net income Groupe share | 68.0 | 15.8 | (52.1) | (77%) |
EBITDA | 218.9 | 216.3 | (2.6) | (1%) |
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Connecting Food Market Players
EBIT
€m | H1 2024 | H1 2025 | Chanąe 24/25 in €m | Chanąe 24/25 in % |
Turnover | 2,325.2 | 2,474.1 | 148.9 | +6% |
Purchases from third parties | (1,408.7) | (1,503.2) | (94.5) | +7% |
Taxes | (29.5) | (34.8) | (5.2) | +18% |
Payroll expenses | (674.7) | (720.8) | (46.1) | +7% |
Depreciations and amortisations | (116.7) | (130.6) | (14.0) | +12% |
Net reversal of provisions | 3.9 | (4.7) | (8.6) | |
Other operatiną income and expenses | 7.2 | (24.0) | (31.2) | |
EBIT | 106.6 | 55.9 | (50.8) | (48%) |
23 HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
CASH FLOW
€m | H1 2024 | H1 2025 |
Self-financiną | 172.8 | 167.5 |
Chanąe in workiną capital | (49.3) | (51.9) |
Net investment proąram | (218.0) | (140.0) |
Discontinued operations (Maritime) | 0,0 | 0,0 |
Free cash flow | (94.5) | (24.5) |
Capital increase (and share buyback) | 0.4 | 0.6 |
Dividends | (63.9) | (52.5) |
Other cash flows | (91.9) | (36.1) |
Net debt at closiną | 1,295.4 | 1,452.9 |
24 HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
NET INVESTMENT PROGRAM
€m | H1 2024 | H1 2025 |
Investments in tanąible and intanąible assets | (186.8) | (144.0) |
Net financial investments | (38.5) | (4.4) |
Sales of assets | 3.9 | 3.8 |
Other | 3.4 | 4.5 |
Discontinued operations (Maritime) | 0,0 | 0,0 |
Total | (218.0) | (140.0) |
25 HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
BALANCE SHEET
M€ | 31/12/2024 | 30/06/2025 |
Goodwill | 390.4 | 390.8 |
Property, plant and equipement | 2,252.4 | 2,292.9 |
Other non-current assets and fixed assets | 139.5 | 148.9 |
Total non-current and financial assets | 2,782.3 | 2,832.5 |
Net workiną capital requirement | (31.4) | 20.3 |
Total assets (net) | 2,750.8 | 2,852.8 |
Equity | 1,277.3 | 1,242.0 |
Provisions and deferred tax liabilities | 133.2 | 157.9 |
Net debt | 1,340.4 | 1,452.9 |
Total liabilities (net) | 2,750.8 | 2,852.8 |
26 HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players
EVOLUTION OF THE VOLUME OF SALES (TURNOVER) IN THE FOOD RETAIL TRADE
H1 2025 vs H1 2024 | H1 2025 vs H2 2024 | |
Euro zone | 1.5% | -0.7% |
Beląium | -0.7% | -1.7% |
Spain | 4.1% | 2.3% |
France | 1.7% | 0.5% |
Italy | 0.1% | -0.2% |
Netherlands | -1.8% | 1.0% |
Portuąal | 6.5% | 3.6% |
Switzerland | 0.7% | -0.6% |
United Kinądom | -0.6% | 0.5% |
Source: Eurostat, as of 18/08/2025 (in euros, excludiną inflation). Data adjusted for calendar effects and seasonally adjusted, includiną sales in food wholesale and retail trade, includiną tobacco and drinks. Except for United Kinądom , Office for National Statistics (ONS).
27 HALF-YEAR RESULTS 2025 - 05/09/2025
Connecting Food Market Players