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Finance
16/10/2025
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Q3 2025 revenue

The Group confirms a positive revenue trend, thanks to the positive perimeter effects of recent acquisitions.

Download the press release (pdf, 143.32 KB)

STEF, the European leader in transport and logistics services for temperature-controlled food products, reported a 6.6% increase in revenue in Q3 (+5.4% on a like-for-like basis*).

Change in revenue

Q3 revenue (in €M) 2024 2025 Change % Change on a like-for-like basis %*
STEF France 605.3 623.6 3.0% 3.0%
STEF international 466.5 501.2 7.4% 4.2%
Other 145.7 173.4 19.0% 19.0%
Total 1,217.5 1,298.3 6.6% 5.4%
*Changes on a like-for-like basis exclude the impact of changes in the scope and exchange rate fluctuations
Q3 revenue (in €M) 2024 2025 Change % Change on a like-for-like basis %*
Group business lines 1,075.8 1,128.6 4.9% 3.5%
Ventes de marchandises pour l'activité Food service 141.7 169.7 19.8% 19.8%
TOTAL 1,217.5 1,298.3 6.6% 5.4%

Breakdown by region and business line 

STEF France

  • Network transportation activities saw stable volumes transported in Q3, with high volatility over the period. In addition, the Seafood business offset the sluggishness of the sector by capturing new flows.
  • The development of the Fresh Supply Chain business is based on increased logistics capacity and the arrival of new customers.
  • The Frozen Foods business has maintained a stable fill rate.
  • The Retail business recorded sustained growth, driven by active collaboration with existing customers.
  • The solid growth of the Foodservice business is based on the increase in volumes linked to the new contracts starting up in 2025. 

STEF International 

  • Business in Italy continued to recover, helped by a still buoyant market.
  • In Spain, revenue has grown significantly, driven by the rise in food consumption.
  • Portugal is growing strongly, boosted by the arrival of a new customer and the growing trend of the Foodservice sector.
  • Business in the UK remained stable, bolstered by the successful integration of Long Lane Deliveries.
  • The Benelux region is continuing the process of integrating the companies acquired last year, Bakker and TDL Fresh Logistics, with the recent introduction of the Group business tools.
  • In Switzerland, revenue continued to grow, benefiting from a favourable exchange rate effect.

Summary 

While revenue growth in Q3 brings the Group closer to its target of €5 billion (including external growth), the pressure on margins described during the half-year results presentation will continue to impact results until the end of the year. 

Cumulative revenue to the end of September 2025 totalled €3,772M (up 6.5% on the same period in 2024).

 

Next publication

Q4 revenue: 22 January 2026, after markets close