STEF (STF) H2 2024 earnings summary

Executive summary

• Revenue reached €4,801M in 2024, up 8.1% year-over-year, driven by acquisitions despite weak food consumption and economic headwinds.

• Net income attributable to the group was €157.2M, down 18% compared to 2023, reflecting higher costs and lower margins.

• EBITDA increased 13.5% to €484.3M, while EBIT fell 9.7% to €228.4M due to margin pressure.

• Record €100M invested in acquisitions, expanding presence in logistics and distribution, with accelerated external growth and real estate consolidation.

• Strategic roadmap 2022–2026 on track, entering second phase in 2025, targeting €5B revenue by 2026.

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 -€50.1M, 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 economic/geopolitical instability.

• Focus on accelerating integration and performance of acquired companies and continued investment opportunities.