STEF: Net Profit Plummets by 46% Despite Record Revenue of €5.1 Billion
STEF, the European leader in temperature-controlled food logistics, has surpassed the €5 billion revenue threshold a year earlier than projected in its 2022-2026 strategic plan. However, this apparent growth conceals a deteriorating operational reality: net profit has plummeted by 46.4% to €84.3 million, while the operating margin has shrunk by 140 basis points, highlighting the strains of an external growth strategy.
Revenue Growth Fueled by Acquisitions
STEF recorded a revenue of €5,119.5 million in 2025, up 6.6% from €4,800.8 million in 2024, thus achieving the €5 billion target a year ahead of schedule, a milestone outlined in its 2022-2026 strategic plan. However, this growth is largely driven by acquisitions. On a like-for-like basis, growth was only 4.7%, indicating a slowdown in organic growth. The perimeter effect accounts for nearly a third of the revenue increase, bolstered by full-year contributions from TDL in Belgium (€39 million), Long Lane Deliveries in Scotland (€20 million), Montfrisa in Spain (€17 million), and the recent acquisition of Christian Cavegn AG in Switzerland (€20 million). STEF International, now accounting for 45% of total revenue excluding goods sales, reported a 9.7% increase in gross terms but only 4.4% on a constant scope basis.
Operational Performance Deteriorates
Operating income (EBIT) contracted by 24.2% to €173 million, while the operating margin deteriorated by 140 basis points, dropping from 4.8% to 3.4% of revenue. This decline reflects three major factors. Firstly, exceptional events: VAT regularization in Italy cost STEF International €29.4 million. Secondly, the complexity of recent integrations in the Netherlands and Belgium required significant commitments. Lastly, the group's net result fell by 46.4% to €84.3 million, impacted by an increased tax burden despite a lower profit base, notably due to the surtax on corporate income in France (€11.8 million) and the non-deductibility of a charge related to an Italian tax audit (€9.9 million). STEF International, despite being a growth driver, saw its operating margin collapse by 320 basis points, from 4.4% to 1.2%, while France maintained a stable margin at 6.0%.
Strategic Shift for 2026
For 2026, the strategy indicates a shift in priorities. Following a period of significant external growth, the group announces that the integration of acquired companies and the improvement of their performances will become central. Net debt increased by €192.8 million to €1,533.2 million, while the gearing ratio tightened from 1.05 to 1.17. The liquidity position remains strong at €230 million. New governance will be implemented from May 2026, with two operational managing directors supporting the CEO to oversee France and International operations respectively. They will work on defining the next strategic plan for 2027-2031. The group proposes a dividend of €2.70 per share (40% of net profit), signaling confidence in the future despite the current slowdown.
