STEF (STF) Q4 2025 TU earnings summary

Executive summary

• Q4 2025 revenue reached €1,347m, up 7.1% year-over-year and 5.4% on a like-for-like basis in a mixed environment.

• Full-year 2025 revenue totaled €5,119m, a 6.6% increase year-over-year, surpassing the €5bn strategic target a year ahead of schedule.

• Growth was supported by acquisitions and strong performance in several international markets.

Financial highlights

• Q4 2025 revenue: €1,347.1m vs. €1,258.1m in Q4 2024, up 7.1%.

• Like-for-like Q4 growth was 5.4%, excluding structural and currency impacts.

• Acquisitions contributed 28% of Q4 revenue growth, notably Christian Cavegn AG (€20.0m) and TDL Fresh Logistics (€4.8m).

• 2025 cumulative revenue: €5,119m vs. €4,801m in 2024, up 6.6% (4.7% like-for-like).

Outlook and guidance

• The group is a year ahead of its €5bn revenue target set for 2026, reflecting strong execution of its strategic plan.

• New governance structure to support future growth and operational challenges, effective April 2026.