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Finance
17/07/2025
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Q2 2025 turnover

Group turnover held up well, boosted by the positive scope effects of international acquisitions and a favourable calendar impact (Easter Monday).

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STEF, the European leader in transport and logistics services dedicated to temperature-controlled food products, posted a 7.7% increase in turnover in Q2 (+5.3% on a like-for-like basis).

Growth in turnover in Q2 2025 (in €M)

Q2 turnover (in €M) 2024 2025 Change % Like-for-like basis %
STEF France 596.1 611.0 2.5% 2.5%
STEF International 440.2 489.3 11.2% 4.8%
Other 149.6 176.5 18.0% 18.0%
Total 1 185.9 1 276.8 7.7% 5.3%
Q2 turnover (in €M) 2024 2025 Change % Like-for-like basis %
Group business lines 1 040.5 1 104.1 6.1% 3.4%
Sales of goods for the Foodservice business 145.4 172.7 18.8% 18.8%
Total 1 185.9 1 276.8 7.7% 5.3%

Breakdown by region and business line

STEF France

  • Our transport network, which is at the heart of our business in France, has seen a fall in volumes against a backdrop of low food consumption.
  • The sluggish market in the Frozen products business continues to impact on our activities in this business unit, which is seeing a fall in the fill rate of its warehouses.
  • Growth in the Chilled Supply Chain business is being driven by capacity increases at existing sites.
  • The Retail business remains buoyant, thanks to e-commerce and the logistics outsourcing contracts signed last year.
  • The good performance of the Foodservice business is based on the volume effect of new contracts started in 2025. 

STEF International 

  • Business in Italy is growing again after a sluggish first quarter, against a backdrop of weak growth in food consumption.
  • Spain is maintaining its strong growth momentum in a rising market, boosted by the contribution of its latest acquisition (Montfrisa) and the solid operating performance of its Foodservice businesses.
  • The Benelux region continues to integrate the companies acquired last year, Bakker and TDL Fresh logistics.
  • The UK is resisting the sluggishness in food consumption thanks to the positive contribution made by the integration of Long Lane Deliveries.
  • In Switzerland, STEF wins new structuring contracts with food retailers.

Cumulative turnover for H1 2025 amounts to €2,474.1 million, compared with €2,325.2 million for H1 2024, an increase of 6.4% (+4.0% on a like-for-like basis). 

 

Next publication

H1 2025 results: 4 September, after markets close