STEF (STF) Q2 2024 TU earnings summary

Executive summary

• Q2 2024 turnover reached €1,185.9 million, up 7.7% year-over-year, with 2.8% like-for-like growth.

• International activities and acquisitions were key drivers of revenue growth.

• Half-year revenue totaled €2,325.2 million, a 6.7% increase from the first half of 2023.

Financial highlights

• STEF France revenue grew 2.7% to €596.1 million; like-for-like growth was 3.1%.

• STEF International revenue surged 20.2% to €440.2 million; like-for-like growth was 5.0%.

• Group business lines revenue rose 9.4% to €1,040.5 million.

• Sales of goods for Foodservice declined 3.3% to €145.4 million.

• Changes in scope, mainly in the Netherlands and Belgium, contributed €53.3 million in Q2 revenue.

Segment performance

• Chilled Products in France impacted by weak food consumption and volatile monthly trends.

• Seafood Products remained steady despite market challenges.

• Frozen food business in France saw declining momentum and lower warehouse fill rates.

• Retail business in France achieved revenue growth from new contracts.

• Portugal posted strong revenue growth from client portfolio expansion.

• Spain rebounded with growth after a weak Q1, driven by mid-market clients.

• Italy continued positive development, especially in frozen foods.

• UK operations improved due to a better economic environment.