French cold-chain specialist Stef reported a sharp earnings rebound for the first half of 2026. Revenue rose 8.6% to €2.7Bn, while operating profit jumped 84.1% to €102.9M. The group also confirmed two fresh acquisitions.
Earnings Back to Normal
CEO Stanislas Lemor framed the profit surge as a return to form rather than a breakout. Last year’s figures had been dented by a tax reassessment in Italy, a French surtax on large-company profits, and integration troubles at two Belgian businesses, TransWest and TDL Fresh Logistics. With those behind it, the operating margin recovered.
International Does the Heavy Lifting
Growth came mostly from outside France. International revenue passed €1Bn, up 11.9%, and now accounts for 46% of the group total. Switzerland led the jump at 133.8%, a direct effect of the late-2025 purchase of Christian Cavegn AG, ahead of Portugal (14.6%), Spain (13.6%) and Italy (8.8%). Italy and Spain remain the largest contributors, at €325M and €230M respectively. France grew too, up 5.8% to €1.2Bn.
Two More Deals
Alongside the results, Lemor disclosed a 49% stake in Quick Service Logistics (QSL) in Italy and a controlling interest in Logileon in Spain. Logileon, based in Castilla y León, handles temperature-controlled transport and storage. QSL, founded in 1949, serves Germany’s catering sector and has partnered with Stef before in France and Portugal.
The tone for the rest of the year stays cautious. Consumption, the group noted, remains volatile.
