STEF: Net income up 251.4% in H1 2026, driven by international operations
STEF published on September 3, 2026 half-year results marked by a return to an operational level qualified as normative by its management, following a first half of 2025 affected by exceptional items.
Beyond revenue growth, the publication highlights the recovery of international operations, whose operating result was negative a year earlier.
Revenue at €2.69 billion and EBIT raised to €102.9 million
First half 2026 revenue stood at €2,687.1 million, up 8.6% compared to €2,474.1 million in the first half of 2025, a progression driven mainly by organic growth according to management.
Operating profit (EBIT) reached €102.9 million, compared to €55.9 million a year earlier, representing an increase of 84.1%. The operating margin improved from 2.3% to 3.8% of revenue.
Group net income rose to €55.9 million, compared to €15.8 million in the first half of 2025. EBITDA increased by 13.0%, to €244.4 million, and recurring operating profit grew by 31.3%, to €104.9 million.
STEF International returns to positive operating profit
The change in EBIT is explained mainly by the recovery of international operations. STEF International generated operating profit of €39.5 million in the first half of 2026, compared to a loss of €8.7 million a year earlier. According to the group, Italian profitability is returning to normal following exceptional events in 2025, while Spain and Portugal have maintained their results.
For the second consecutive half-year, international operations exceeded one billion euros in revenue. Benelux remains in a transformation phase following acquisitions, which is weighing on its performance.
In France, operating profit remained stable at €60.2 million compared to €60.0 million, with improvements in Fresh Flow, Fresh Supply Chain and Frozen activities, while Retail operations remain strongly affected by sector transformation.
Positive free cash flow of €42.3 million and gearing at 1.19
Free cash flow came in positive at €42.3 million in the first half of 2026, compared to a negative flow of €24.5 million a year earlier, due to self-financing of €188.7 million and a net investment program reduced to €123.9 million, versus €140.0 million.
Net financial debt stood at €1,597.6 million on June 30, 2026, compared to €1,533.2 million on December 31, 2025, bringing gearing to 1.19 versus 1.17. Cash position amounted to €131.4 million.
Going forward, the group indicates it aims to achieve sustainable profitability recovery in Benelux and to accelerate the development of its 2027-2031 strategic plan. The next publication, covering third quarter revenue, is scheduled for October 22 after market close.
