STEF (STF) H2 2025 earnings summary

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.