H1 2025 Results

Stanislas Lemor, Chairman and CEO of the STEF Group, stated: "Our activities developed well in the first half of the year, but the results were impacted by three exceptionally adverse events: an extraordinary VAT adjustment in Italy, an increase in the tax burden in France, and the integration costs of the recent acquisitions in the Benelux. We remain confident, as these results do not reflect the structural potential of our Group or our long-term vision. In the second half of the year, we will pursue our leadership ambition with the completion of a new acquisition in Switzerland.'"

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

2 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

STEF France

• The transport network demonstrates the resilience of our operations and supports improvements in operational performance.
• The frozen food business is affected by the restructuring of the retail market and sluggish consumption, which impacts warehouse fill rates.
• The retail (GMS) business benefits from solid commercial momentum, driven by three new logistics outsourcing contracts.
• The Foodservice business is supported by new contracts launched in 2025, with a positive impact on revenue.
• The corporate tax surcharge introduced at the beginning of the year resulted in an additional tax burden of €5.3 million for the half-year.

STEF International

• In Italy, business activity remains dynamic but is affected by a sharp rise in subcontracting costs, confirming the relevance of our policy of internalizing resources. Like many large international groups across different sectors, STEF Italy faced an extraordinary VAT adjustment that significantly weighed on half-year results. In this context, a provision of €31 million was recognized, even though STEF Italy had already paid the VAT to the relevant suppliers.
• In a dynamic economic environment, STEF Iberia gained market share and benefited from the positive effects of the Montfrisa acquisition.
• In Portugal, activity maintains positive commercial momentum and will soon benefit from the opening of a major new site in the north of the country.
• In Belgium and the Netherlands, results were negative due to the integration costs of companies acquired in the previous year.
• In the United Kingdom, operational performance was maintained despite a slight decline in volumes, supported by a positive currency effect.

Outlook

The Group remains fully aligned with its 2022–2026 strategic plan, maintaining its unchanged ambition to be the market leader in every country where it operates and to achieve €5 billion in revenue by the end of 2026. The signing at the end of August of an agreement to integrate the temperature-controlled activities of Christian Cavegn AG into its subsidiary, STEF Suisse, is part of this growth strategy, enabling STEF Suisse to establish a nationwide network.

The half-year financial statements are subject to a limited review by the statutory auditors and will be published on the Group’s website.

Next publication

Q3 revenue: October 16, after market close.