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Edge20 Mar 2026
Tetra Pak: The Shape of Innovation
The story of Tetra Pak, the Rausing family, and how a paper tetrahedron gave rise to a company that now delivers almost 180 billion packages a year.
STEF
STEF (STF) investor relations material
STEF H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary12 Mar, 2026
Executive summary
Achieved turnover of €5,119.5m in 2025, up 6.6% year-over-year, surpassing the €5B target a year ahead of schedule, driven by international expansion and acquisitions.
Operating income declined to €173.0m, down 24% from 2024, impacted by exceptional items, tax surcharges, and integration costs.
Net result fell 46% to €84.3m, reflecting higher tax rates and non-recurring charges.
Major acquisition of Christian Cavegn AG in Switzerland contributed €20m turnover and marked a significant step in international growth.
Financial highlights
Revenue: €5,119.5m in 2025, up 6.6% from €4,800.8m in 2024; like-for-like growth was 4.7%.
EBITDA decreased 10% to €435.2m; current EBIT down 11% to €200.6m.
Operating income dropped by €55.4m due to exceptional VAT adjustment and higher taxes.
Net income (Group share): €84.3m, down 46.4% from 2024.
Net debt rose to €1,533.2m at year-end 2025, with gearing rising from 1.05 to 1.17.
Outlook and guidance
Expectation of a return to normalized results from 2026, with focus on integrating recent acquisitions and implementing a new governance structure with two Operating CEOs for France and International.
Strategic planning underway for 2027–2031 to adapt to market changes.
Drivers of the 320bps international margin drop
Impact of retailer concentration on STEF France
New governance role in 2027-2031 strategic plan
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Latest events from STEF
- Q4 revenue up 7.1%, full-year surpasses €5B target early, fueled by acquisitions and growth.STF
Q4 2025 TU22 Jan 2026 - Q3 2025 revenue up 6.6% to €1,298.3M, with strong growth in international and foodservice segments.STFQ3 2025 TU20 Oct 2025
- Revenue up 6.4%, but net income down 76.7% on tax and integration impacts.STFH1 202511 Sep 2025
- Revenue up 7%, but profit and cash flow down as investments and costs rise.STFH1 202413 Jun 2025
- Revenue up 8%, net income down 18% as margin pressure offsets acquisition-driven growth.STFH2 20245 Jun 2025
STEF
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@theshortbearx.com
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