Press Release 4 September 2025
H1 2025 ResultsAt its meeting on 4 September, the Board of Directors of the STEF Group, the European leader in transport and logistics services dedicated to temperature-controlled food products, approved the financial statements for H1 2025.
Stanislas Lemor, Chairman and Chief Executive Officer of the STEF Group: "Our business performed well in the first half of the year, but results were impacted by three exceptional adverse events: an exceptional VAT adjustment in Italy, increased tax pressure in France and the costs of integrating our latest acquisitions in the Benelux region.
We remain confident as these results do not reflect our Group's structural potential or our longterm vision. We will continue to pursue our leadership goals in the second half of the year with the completion of a new acquisition in Switzerland."
In €M | H1 2024 | H1 2025 | Change |
Revenue | 2,325.2 | 2,474.1 | 6.4% |
Operating income (EBIT) | 106.6 | 55.9 | (47.6%) |
in % of revenue | 4.6% | 2.3% | (2.3) bp |
Income from continuing operations | 68.1 | 15.9 | (76.6%) |
Income from discontinued operations | - | - | |
Net income (Group share) | 68.0 | 15.8 | (76.7%) |
Net investment programme 1 | (218.0) | (140.0) | |
Free cash flow 2 | (94.5) | (24.5) | 70.1 |
Gearing (net debt / equity) | 1.05 | 1.17 | 0.12 |
1Corresponds to the net cash flows from investing activities as presented in the cash flow statement | |||
2Corresponds to the sum of net cash flows generated by operating activities and net cash flows from investing activities as presented in the cash flow statement | |||
Operating income (in €M) | H1 2024 | H1 2025 | |
STEF France | 53.4 | 60.0 | |
STEF International | 49.6 | (8.7) | |
Other activities | 3.7 | 4.7 | |
Operating income (EBIT) | 106.6 | 55.9 | |
STEF France
The Transport business is resilient and is seeing an improvement in its operational performance.
The Frozen activity is suffering from the restructuring of the retail market and sluggish consumption, which has an impact on the occupancy rate of its warehouses.
The Retail activity is benefiting from good sales momentum driven by three new logistics outsourcing contracts.
The Foodservice business is benefiting from new contracts started in 2025, with a positive impact on its revenue.
The corporate tax surcharge decided at the start of the year represents an additional tax expense of €5.3 million over the half-year.
STEF International
Sales activity in Italy is buoyant, but subcontracting costs are rising sharply, confirming the wisdom of our policy of insourcing resources. Like major international groups in various sectors, STEF Italia faced an exceptional VAT adjustment, which severely hampered its half-year results. In this respect, a provision of €31 million was established even though STEF Italia had already paid VAT to the suppliers concerned.
In a positive economic environment, STEF Iberia recorded market share gains and benefited from the positive effect of the acquisition of Montfrisa.
Activities in Portugal are maintaining a positive sales momentum and will soon benefit from the opening of a major new site in the north of the country.
Activities in Belgium and the Netherlands posted losses due to the integration costs related to companies acquired last year.
Activities in the UK maintained their operating performance despite a slight drop in volumes and a positive currency effect.
The Group remains fully aligned with its 2022-2026 strategic plan, with the unchanged goal of being the sector leader in all its countries of operation and achieving €5 billion in revenue by the end of 2026. The signing at the end of August of the agreement to integrate the temperature-controlled activities of Christian Cavegn AG into its subsidiary STEF Switzerland is part of this growth strategy by enabling STEF Switzerland to have full territorial coverage.
The half-year financial statements have been subjected to a limited review by the statutory auditors and will be published on the Group's website.
Next publication
Q3 revenue: 16 October, after market close
Media contact: catherine.marie@stef.com
ISIN code: FR0000064271 - REUTERS Code: STF.PA - Code BLOOMBERG: STF.FP
AppendixSimplified income statement (in €M) | H1 2024 | H1 2025 | Change |
Revenue | 2,325.2 | 2,474.1 | 6.4% |
EBITDA | 218.9 | 216.3 | (1.2%) |
Current operating income | 99.4 | 79.9 | (19.7%) |
Other operating income and expenses | 7.2 | (24.0) | |
Operating income (EBIT) | 106.6 | 55.9 | (47.6%) |
Financial profit or loss | (18.5) | (19.6) | |
Income before tax | 88.1 | 36.2 | (58.9%) |
Income from continuing operations | 68.1 | 15.9 | (76.6%) |
Income from discontinued operations | 0.0 | 0.0 | |
Net income (Group share) | 68.0 | 15.8 | (76.7%) |
Simplified balance sheet (in €M) | 31/12/2024 | 30/06/2025 |
Goodwill | 390.4 | 390.8 |
Tangible fixed assets | 2,252.4 | 2,292.9 |
Other fixed assets and non-current assets | 139.5 | 148.9 |
Total non-current and financial assets | 2,782.3 | 2,832.5 |
Net working 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 assets | 133.2 | 157.9 |
Net financial debt | 1,340.4 | 1,452.9 |
Total liabilities (net) | 2,750.8 | 2,852.8 |
Net financial debt (in €M) | 31/12/2024 | 30/06/2025 |
Non-current financial liabilities | (819.2) | (930.2) |
Current financial liabilities | (606.3) | (639.7) |
Cash flow | 85.1 | 117.0 |
Net financial debt | (1,340.4) | (1,452.9) |
Net debt/equity (gearing) | 1.05 | 1.17 |
Simplified cash flow statement (in €M) | H1 2024 | H1 2025 |
Self-financing | 172.8 | 167.5 |
Change in working capital | (49.3) | (51.9) |
Net cash flow from operating activities (A) | 123.5 | 115.6 |
Net investment programme (B) | (218.0) | (140.0) |
Free cash flow (A+B) | (94.5) | (24.5) |
Capital transactions and dividends | (63.6) | (51.9) |
Net issuance (repayments) of financial debt | 122.9 | 100.9 |
Other changes | 0.2 | (0.8) |
Changes in net cash flow | (34.9) | 23.7 |