STEF (STF) H1 2024 earnings summary

Executive summary

• Revenue rose 7% year-over-year to €2,325.2M in H1 2024, driven by acquisitions and international growth.

• Net income from continuing operations fell 14% to €68.1M, with Group share net income down 28.3% due to lower volumes, higher financial charges, and a high comparison base.

• EBITDA increased 16% to €218.9M, while EBIT declined 6% to €106.6M.

• The group continued integrating acquisitions in Spain, the UK, and advanced a pending deal in Belgium.

• Challenging macroeconomic context: persistent high food prices, rising interest rates, and energy costs.

Financial highlights

• Revenue up 7% year-over-year to €2,325.2M; like-for-like growth 1.8%.

• EBIT down 6% to €106.6M; EBIT margin at 4.6%–5.2% vs. 6.0% last year.

• Net income from continuing operations down 14% to €68.1M; Group share net income down 28.3%.

• EBITDA up 16% to €218.9M.

• Free cash flow turned negative at -€94.5M vs. +€115.1M last year.

Outlook and guidance

• Focus on monitoring consumption trends and adjusting resources to economic and political conditions in key markets.

• Continued pursuit of strategic external growth and investments, especially in energy transition.

• Advancing customer relations strategy, including transforming customer service.