STEF (STF) investor relations material

Executive summary

• Revenue for Q4 2025 reached €1,347.1M, up 7.1% year-over-year (+5.4% like-for-like), in a mixed market environment.

• Full-year 2025 revenue totaled €5,119M, a 6.6% increase year-over-year (+4.7% like-for-like), achieving the €5B strategic target one year ahead of plan.

• Recent acquisitions contributed 28% of Q4 revenue growth, notably Christian Cavegn AG in Switzerland and TDL Fresh Logistics in Belgium.

Segment performance

• In France, Fresh Flows saw volume growth in October; Frozen segment stable despite high warehouse occupancy; GMS segment growth slowed but remained positive.

• Foodservice continued to grow, driven by new clients and sector momentum, though the market is maturing.

• In Belgium, growth was supported by international flows despite a sluggish domestic market.

• The Netherlands experienced a sharp revenue decline due to the loss of a retail client.

• Swiss revenue doubled post-acquisition, aided by strong market dynamics and retail partnerships.

• Spain and Portugal posted strong growth, with Portugal benefiting from a new logistics platform; Italy saw dynamic December growth in Ambient Food.

Significant events and developments

• Achieved €5B revenue target a year ahead of the 2021–2026 strategic plan.

• Announced a new governance model with a CEO and two operational managing directors, effective after the April 2026 AGM, as part of leadership transition.