Q1 2025 Revenue

External growth continues to be the driving force behind the Group’s rise in revenue, accounting for almost 55% of the increase in the first quarter.
In France, the contraction in food consumption and the associated fall in volumes are leading to stagnation in revenue.
Outside France, revenue has risen sharply, driven by the contribution of recently acquired companies.

STEF, the European leader in transport and logistics services dedicated to temperature-controlled food products, posted a 5.1% increase in revenue in Q1 (+2.8% on a like-for-like basis).

Growth in Revenue Q1 2025 (€M)

Q1 Revenue (in €M)	2024	2025	Change %	Like-for-like basis %
STEF France	576,7	580,2	0,6%	0,9%
STEF International	418,8	464,3	10,9%	4,2%
Other	143,8	152,7	6,2%	6,2%
TOTAL	1.139,3	1.197,2	5,1%	2,8%

Q1 Revenue (in €M)

Q1 Revenue (in €M)	2024	2025	Change %	Like-for-like basis %
Group business lines	999,9	1.048,2	4,8%	2,2%
Sales of goods for Foodservice	139,4	149,0	6,9%	6,9%
TOTAL	1.139,3	1.197,2	5,1%	2,8%

Informatie per regio en activiteit

Breakdown by region and business line

STEF France

Sales in the Chilled Products business remained stable, due to weak growth in food consumption and a slowdown in volumes processed, accentuated by one fewer working day during the quarter.
The Retail business is maintaining its momentum thanks to a good performance in e-commerce and the logistics outsourcing contracts won in 2024.
The Foodservice business is continuing the positive trend seen in Q4 2024, driven by a sustained sales performance and the ramp-up of its Miramas site.
The Frozen Products business is suffering from a sluggish market, leading to a fall in the fill rate of its warehouses.

STEF International

Operations in Italy remain stable overall, except for the Frozen Products segment, which is subject to increased competition.
Spain is showing good momentum, driven by the positive impact of external growth and the performance of the Foodservice business.
Despite the fall in food consumption, revenue in the Netherlands and Belgium is holding up. Both countries are actively pursuing the process of integrating recently acquired companies.
In the United Kingdom, the positive scope effect of the integration of Long Lane Deliveries in Scotland offset the fall in volumes in the historical scope.

Next publication

Q2 2025 Revenue: 17 July, after trading

Media contact: catherine.marie@stef.com

Website: www.stef.com

ISIN code: FR0000064271 – REUTERS Code: STE.PA – BLOOMBERG Code: STF.FP