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Finance
22/01/2026
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Q4 2025 revenue

STEF, Europe’s leading provider of transport and logistics services dedicated to temperature-controlled food products, posted fourth-quarter sales of €1,347m, up 7.1% (+5.4% on a like-for-like basis) in a mixed environment.

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Change in revenue in Q4 2025 (in €m) 

Q4 revenue (in €m) 2024 2025 Change % Change on a like-for-like basis %*
STEF France 619,7 643,7 3,9% 3,9%
STEF International 473,0 518,7 9,7% 5,2%
Other 165,4 184,7 11,6% 11,6%
TOTAL 1 258,1 1 347,1 7,1% 5,4%
Q4 revenue (in €m) 2024 2025 Change % Change on a like-for-like basis %*
Group business lines 1 096,8 1 166,3 6,3% 4,4%
Sales of goods for the Food service business 161,3 180,8 12,1% 12,1%
TOTAL 1 258,1 1 347,1 7,1% 5,4%

*Changes on a like-for-like basis exclude the impact of changes in Group structure and exchange rates.

The latest acquisitions generated 28% of the quarter’s revenue growth (including a €20.0m contribution from Christian Cavegn AG in Switzerland, acquired on 30 September 2025, and a €4.8m contribution from TDL Fresh Logistics in Belgium, acquired on 2 December 2024).

Breakdown by region and business line 

STEF France

  • During Q4, the Chilled Products business was mainly driven by an increase in volumes transported in October.
  • Sales of the Frozen Products business remain stable, despite high warehouse capacity utilisation rates.
  • After a surge in new business won in 2024 and fully deployed in 2025, the retail business is experiencing a slight slowdown in growth, while continuing to develop very positively.
  • The Foodservice business continues to grow, thanks to the acquisition of new customers and the momentum of the sector, which is nonetheless tending towards a certain maturity.
     

STEF International 

  • In Belgium, in a sluggish domestic market, growth is being sustained by the development of international flows.
  • The Netherlands saw a marked deterioration in revenue, due to the loss of a retail customer this summer, the impact of which was particularly heavy in Q4.
  • In Switzerland, revenue doubled following the acquisition of Christian Cavegn AG, underpinned by good market momentum and a growing partnership with a major retail player.
  • In Spain, revenue rose sharply, driven by the continuing rise in food consumption and by new customers, particularly in the Chilled Foods Logistics business.
  • Portugal is performing well, buoyed by a growing market and the commissioning of the new Maïa logistics platform (near Porto).
  • Sales in Italy were buoyant in December, particularly in the Ambient and Temperature controlled segment. 
     

2025 revenue

Cumulative revenue for 2025 totalled €5,119m, compared to €4,801m for 2024, an increase of 6.6% (up 4.7% on a like-for-like basis). STEF Group is a year ahead of schedule in reaching its target of €5bn in revenue (including the effect of external growth), set as part of its strategic plan for the 2021 to 2026 period. 

Changes in governance

STEF Group is also announcing the implementation of a new governance model, structured around a Chairman and Chief Executive Officer and two Operating Chief Executive Officers, to better respond to the economic, geographical and operational challenges of each of its markets, as well as to increasing its revenue. This reorganisation, which will take effect at the close of the Annual General Meeting on 23 April 2026, is in line with the intention of Marc Vettard, Deputy CEO, to hand over the reins to a new team before the launch of the new strategic plan, before retiring.

A detailed press release on this transition is also being published today.

 

Next publication

Annual results 2025: 12 March 2026, after markets close