STEF: Revenue up 12% in third quarter, driven by International
STEF published on October 22, 2026 revenue of €1,454.7 million for the third quarter of 2026, up 12%, of which 10.4% on a comparable basis. Growth is primarily driven by organic activity, with the perimeter effect remaining concentrated in the international zone.
The specialist in temperature-controlled food logistics indicated maintaining "the same momentum as in the second quarter of 2026". Its two main divisions are progressing: STEF International shows the strongest increase at 17.7%, while STEF France records growth of 8.8%, entirely organic.
This French progression comes as Fresh Flow activities evolve, according to the group, in a stable market. It is supported mainly by the opening of new capacities and the arrival of new customers.
Quarterly Revenue Brought to €1,454.7 Million, versus €1,298.3 Million
Over the quarter, STEF International achieved revenue of €589.9 million, compared to €501.2 million a year earlier, representing an increase of 17.7% (13.5% on a comparable basis). STEF France, the group's largest division by size, increased from €623.6 million to €678.8 million, representing growth of 8.8%, identical at constant perimeter and exchange rates.
Activities grouped in the "Other" line reached €186.0 million, compared to €173.4 million, up 7.2%.
The group also distinguishes its own activities from merchandise sales. Group activities increased by 12.8% to €1,272.7 million (10.9% on a comparable basis). Merchandise sales related to Food service activity increased by 7.2% to €181.9 million.
Growth Primarily Organic, Supported by New Capacities
The gap between published growth and growth on a comparable basis is concentrated in the International segment. Comparable data exclude changes in perimeter and exchange rates. Swiss company Christian Cavegn AG, acquired on September 30, 2025, contributed €19.5 million to the quarter's revenue.
Excluding these effects, the region remains in growth across all cited countries. Belgium benefited from summer international flows and the start of new contracts. The United Kingdom recorded organic growth driven by increased volumes in the hotel and restaurant sector.
In Spain, revenue increased due to higher volumes in frozen, fresh and distribution, as well as the expansion of the real estate portfolio. Portugal progressed, notably thanks to the growth of international flows. Italy benefited from additional volumes and a favorable calendar impact.
In France, growth in TSA activities (temperature-controlled dry food) was driven by the commissioning of a new site in the Centre-Val de Loire region. Foodservice activity progressed with the ramp-up of new customers. During its half-yearly publication on September 3, 2026, the group described a European food market without real growth momentum. It also reported €113 million in real estate investments in the first half of 2026, with new operational sites.
Next Appointment on January 28, 2027 for Fourth Quarter
The group will publish its fourth quarter revenue on January 28, 2027, after the close of the stock exchange. This publication will allow measurement of the complete fiscal year. For reference, during annual results published on March 12, 2026, STEF reported revenue of €5.12 billion for fiscal year 2025.
In its half-yearly publication on September 3, 2026, the group also cited several risk factors: an unstable geopolitical environment, persistent pricing pressures in negotiations with customers, and increased transportation costs.
For the third quarter of 2026, STEF achieved revenue of €1,454.7 million, up 10.4% on a comparable basis. Its two main geographic divisions are in growth: 13.5% internationally and 8.8% in France, on a comparable basis.
