Q2 2025 turnover

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

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). 

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).