H1 2026 Results

The first half of the year confirms the strength of our trajectory and the sound direction of our business, with rising revenue driven mainly by organic growth. Our operating profit has returned to a normal level, having been significantly affected by exceptional items during the previous financial year. This achievement is the result of the day-to-day commitment of our teams, using their expertise and determination to help our customers succeed. Finally, our new governance structure, organised around two main geographical areas – France and International – is now operational, enabling us to effectively support our strategic priorities and our growth.

Stanislas Lemor

Chief Executive Officer

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%
in % of revenue	2.3%	3.8%	1.6 bp
Net profit or loss	15.9	55.9	251.4%
Net income (Group share)	15.8	55.9	253.1%
Net investment programme *	(140.0)	(123.9)
Free cash-flow **	(24.5)	42.3	66.8
Gearing (net debt / equity)	1.17	1.19	0.02

*Corresponds to the net cash flows from investing activities as presented in the cash flow statement

** Corresponds 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 2025	H1 2026
STEF France	60.0	60.2
STEF international	(8.7)	39.5
Other activities	4.7	3.2
Operating income (EBIT)	55.9	102.9

Breakdown by region and business line

STEF France

STEF France has recorded positive growth in revenue, driven by the consolidation of market share across its transport operations (Chilled Products, International Flows and Seafood). This momentum is also underpinned by a favourable fill rate in the Frozen Food business line, which is benefiting from weather conditions conducive to ice cream sales, the commissioning of a new site dedicated to the Ambient and Dry Food business lines and the ramp-up of new customers in the Foodservice and Fresh Supply Chain businesses lines.

Meanwhile, operating profit remains stable compared with the previous financial year. This overall trend masks significant disparities: for instance, the Chilled Products, Fresh Supply Chain and Frozen business have seen strong growth, whilst the Retail business continue to be significantly affected by the transformation of their sector.

STEF International

For the second consecutive half-year, international operations have exceeded the symbolic milestone of a billion euros in revenue. This is growing thanks to contributions from the companies acquired most recently and strong sales momentum across several of the countries in which we operate.

Operating profit is similar to that for the 2024 financial year. In Italy, profitability is returning to normal following the exceptional events of 2025. In Spain and Portugal, results remain very strong, enabling new sites to be brought into operation to support business growth. In the Benelux, the transformation is under way following a number of acquisitions, which is impacting performance. In Switzerland, momentum is building thanks to the latest acquisition and new logistics contracts. Finally, the United Kingdom is performing well thanks to strong commercial momentum.

Outlook

In a challenging economic environment where consumer spending remains highly volatile, the Group will remain vigilant to sustain its growth. In the Benelux, it will continue pursuing its main objective of a sustainable return to profitability. Furthermore, as part of its long-term vision, the Group will step up its work on drawing up its 2027-2031 strategic plan. This approach aims to anticipate changes in its markets and consolidate its competitive position for the years to come.

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: 22 October, after market close