STEF (STF) H2 2024 earnings summary

Executive summary

• Revenue reached €4,801M in 2024, up 8% year-over-year, driven by acquisitions and strategic objectives.

• Net income attributable to the group was €157M, down 18% compared to 2023.

• EBITDA increased 13% to €484M, while EBIT fell 10% to €228M.

• Record €100M invested in acquisitions, expanding presence in logistics and distribution.

• Advanced strategic roadmap 2022–2026, targeting €5B revenue by 2026 and reinforcing real estate assets.

Financial highlights

• Organic revenue growth was €233M; acquisitions contributed €132M.

• Operating margin declined from 5.7% to 4.8% year-over-year.

• Net financial result deteriorated to -€39.8M due to higher interest expenses.

• Free cash flow turned negative at -€50M, impacted by higher investments.

• Dividend proposed at €4.15 per share, maintaining a 33% payout ratio.

Outlook and guidance

• Confident continuation of the strategic plan despite ongoing market disruptions and instability.

• Focus on accelerating integration and performance of acquired companies.

• Entering the second phase of the strategic plan in 2025, emphasizing operational and cultural integration.