STEF SA (STF.PA) Bundle
From a family-owned refrigerated carrier founded in 1920 to a Europe-spanning specialist in temperature-controlled agri-food logistics, STEF has grown through strategic buys-from TFE in 1964 to Cavalieri in 2005 and Dispensa in 2011-rebranding as a unified STEF in 2012 and entering the UK in 2021; today it combines a network of 236 platforms and warehouses, a fleet that includes 1,900 vehicles and 1,950 refrigerated trailers operating across a temperature range of -25°C to +18°C, achieving a 95% compliance rate on food-safety standards while diversifying revenue via transport, logistics and co-packing services-results reflected in a €4.8 billion revenue in 2024 and a market capitalization of €1.69 billion (as of 01/07/2025), all under an ownership structure led by employee-focused funds like FCPE STEF holding 31.27%, and driven by a mission that pairs sustainability initiatives such as "Moving Green," digital and AI investments, and social responsibility to capture scale, efficiency and customer trust in Europe.
STEF SA (STF.PA): Intro
Founded in 1920, STEF SA (STF.PA) is a European specialist in temperature-controlled logistics and transport for the agri-food sector. Over a century it has evolved from a French refrigerated carrier into an integrated cold chain operator present across multiple European markets. The company emphasizes food safety, traceability and carbon-efficiency as core elements of its service offering. For a deeper company profile, see STEF SA: History, Ownership, Mission, How It Works & Makes Money.- Headquarters: Paris (France).
- Founded: 1920.
- Employees: ~23,000 (group-wide, latest reported period).
- Geographic footprint: operations in 8+ European countries (France, Italy, Spain, Portugal, Benelux, Scandinavia, Switzerland, UK as of 2021 market entry).
- 1920 - Founding in France as a refrigerated transport specialist for the agri‑food industry.
- 1964 - Creation/expansion of TFE to enhance logistics capabilities and consolidate temperature-controlled services.
- 2005 - First major international acquisition: Cavalieri Trasporti S.p.A. (Italy), launching cross-border growth.
- 2011 - Acquisition of Dispensa Logistics (Italy) to broaden warehousing and integrated logistics services.
- 2012 - Group rebranded to the single name "STEF" to unify identity and commercial presence across markets.
- 2021 - Entry into the UK market, bringing presence to an eighth European country and expanding cold-chain coverage.
- Listed entity: STEF SA (Euronext Paris, ticker STF.PA).
- Shareholder mix: combination of institutional investors, family/management holdings and retail; free float majority on Euronext.
- Board & management: professional executive team with a Chairman/CEO structure and specific committees for audit, remuneration and CSR/sustainability.
- Mission: ensure food chain integrity by providing safe, reliable and energy-efficient temperature-controlled logistics across fresh, frozen and chilled segments.
- Strategic priorities:
- Integrated cold chain services (transport + logistics + value-added services).
- Operational excellence and digitalization (temperature monitoring, traceability platforms).
- Decarbonization: fleet efficiency, electrification pilots, optimization of warehouses and modal shift where possible.
| Activity | Description | Typical unit metrics |
|---|---|---|
| Temperature-controlled transport | Road transport using insulated and refrigerated vehicles for fresh, chilled and frozen products. | Fleet: ~6,000 vehicles; daily deliveries: thousands across Europe |
| Contract logistics & warehousing | Multi-temperature warehouses, order picking, value-added services (kitting, labelling, slicing) | Network: ~260 sites; storage capacity: hundreds of thousands of pallet spaces |
| Distribution & last-mile | Short-haul distribution to retail, foodservice and industrial customers with high-frequency routes. | Perishable-focused route density; dedicated retail chains and foodservice contracts |
| Temperature assurance & digital services | Real-time temperature monitoring, traceability platforms and logistics IT to ensure compliance and quality. | IoT sensors, telematics across fleet, digital dashboards for customers |
- Primary revenue streams:
- Transport services (revenue per km / per pallet / per delivery contract).
- Contract logistics and warehousing (fixed-fee and variable SCM services).
- Value-added services (fresh processing, repackaging, specialised handling).
- Pricing drivers: route density, temperature regime (frozen vs chilled vs fresh), service frequency, value‑added activity intensity.
- Profitability levers:
- Fleet utilization and route optimization to lower cost per km.
- High-margin contract logistics (long-term agreements, dedicated sites).
- Operational efficiency (automation in warehouses, reduced energy costs per pallet).
- Scale effects from cross-border network and centralized procurement.
| Metric | Value (approx.) |
|---|---|
| Group revenue | ~€4.6 billion |
| EBIT / Operating profit | ~€230 million |
| Net income | ~€150-180 million |
| Employees | ~23,000 |
| Warehouses / Sites | ~260 sites across Europe |
| Fleet | ~6,000 refrigerated vehicles |
- Customer mix: retailers (supermarket chains), food manufacturers, foodservice operators, frozen product specialists.
- Segmental split: a mix of transport-dominant revenue in some countries and contract logistics-dominant revenue where dedicated warehouses are operated.
- Growth drivers:
- Geographic expansion through acquisitions and organic market entry (e.g., UK in 2021).
- Increasing outsourcing of cold-chain activities by food producers and retailers.
- Digital services and premium value-added logistics.
- Main risks:
- Energy and fuel price volatility impacting operating costs.
- Labor constraints in transport and warehousing.
- Regulatory changes around food safety, emissions and cross-border transport.
STEF SA (STF.PA): History
STEF SA (STF.PA) is a French temperature-controlled logistics and transport group founded in 1920. It has expanded from a regional refrigerated carrier into a pan-European integrated cold‑chain specialist serving food manufacturers, retailers and foodservice companies. Key milestones include early specialization in refrigerated road transport, national network consolidation in the late 20th century, and successive acquisitions and organic growth across Europe in the 2000s-2020s to build temperature-controlled logistics, warehousing and value-added services.- Founded: 1920
- Core activities: refrigerated road transport, temperature-controlled logistics, food distribution services
- Geographic footprint: France and major European markets (Benelux, Spain, Italy, Scandinavia, Eastern Europe)
- Employees (approx.): 25,000-26,000
- Business model: integrated cold chain - combining transport fleets, dedicated warehouses, cross-docking and value-added services (packing, co-packing, pre-processing)
- Client base: food producers, supermarkets and foodservice operators (B2B and B2C distribution chains)
| Metric | Most Recent Annual (approx.) |
|---|---|
| Revenue | €5.1 billion |
| EBITDA | €540 million |
| Operating income (EBIT) | €320 million |
| Net income (group share) | €190 million |
| Employees | ~25,500 |
- Revenue drivers: lane density in retail and foodservice, warehousing utilization, value-added cold-chain services and last‑mile solutions.
- Cost drivers: fuel and energy costs for temperature control, fleet maintenance, labor and real‑estate for logistics sites.
- How STEF makes money:
- Transport contracts (long-haul and regional refrigerated transport)
- Contract logistics (temperature-controlled warehousing, inventory management)
- Value-added services (co-packing, cut‑to‑size, labelling)
- Distribution and last‑mile deliveries to retail and foodservice outlets
Ownership Structure (as of April 9, 2025)
- Fonds Commun des Salariés (FCPE STEF): 31.27%
- Société du Personnel de la Financière de l'Atlantique: 18.35%
- Union Économique et Financière: 13.82%
- Self‑holding (treasury shares): 2.43%
- Francis Lemor (individual): 0.24%
- Other shareholders (each <5%, collective): 17.29%
STEF SA (STF.PA): Ownership Structure
STEF SA (STF.PA) is a European leader in temperature-controlled logistics for the agri-food sector. Founded as a specialized cold logistics operator, STEF's mission and values center on delivering reliable, efficient and sustainable supply-chain services across food categories while fostering innovation and social responsibility.- Mission: Provide efficient and reliable temperature-controlled logistics solutions for the agri-food industry.
- Sustainability: Reduce environmental footprint via programs such as 'Moving Green' (fleet electrification, route optimization, decarbonized sites).
- Social responsibility: Promote inclusion and equal opportunities across a workforce of ~26,000 employees (FY2023).
- Customer focus: Tailor multi-temperature transport, warehousing and value-added services to client needs (retailers, food producers, foodservice).
- Innovation: Invest in digital transformation and AI-driven supply chain optimization (real-time tracking, demand forecasting, route planning).
- Values: Enthusiasm, respect, rigor and performance embedded in operations and strategic decisions.
- Core services: Temperature-controlled transport and logistics for fresh, frozen and chilled food (contract logistics + dedicated transport).
- Value-added services: Co-packing, primary/secondary packaging, kitting, cross-docking and reverse logistics for food chain clients.
- Network leverage: Pan-European infrastructure (transport fleet, refrigerated facilities, local customer service) creates scale and margin capture.
- Digital services: SaaS-like visibility and optimization tools sold or bundled with logistics services to increase stickiness and unlock pricing power.
| Metric | Value |
|---|---|
| Revenue (FY2023) | €4.7 billion |
| Recurring operating profit / EBITA (FY2023) | €320 million |
| Employees | ~26,000 |
| Fleet (refrigerated vehicles) | ~12,000 units |
| Temperature-controlled warehouse footprint | ~2.5 million m² |
| International footprint | France, Benelux, Spain, Italy, Switzerland, UK, Scandinavia (pan-European network) |
- Listed on Euronext Paris (ticker: STF.PA) with diversified institutional and retail investors.
- Ownership structure blends free float with long-term strategic shareholders and employee shareholding programs that align management/staff with performance goals.
- Corporate governance emphasizes sustainability targets (carbon reduction), social commitments and digital investments in board-level strategy.
STEF SA (STF.PA): Mission and Values
STEF SA is a European leader in temperature-controlled logistics for the agri-food sector, combining a dense physical network, specialized fleet, and digital systems to guarantee food safety and product integrity across all cold-chain stages.- Network scale: 236 platforms and warehouses across Europe.
- Fleet: ~1,900 vehicles and ~1,950 refrigerated trailers to cover last-mile and long-haul refrigerated transport.
- Temperature capabilities: end-to-end logistics from -25°C to +18°C to accommodate frozen, chilled and fresh products.
- Food-safety focus: 95% compliance with relevant food-safety and cold-chain regulations.
- Workforce: roughly 25,000 employees (operational, drivers, warehouse and technical teams).
- Service pillars: transport, contract logistics (warehousing, order picking, inventory management), and co-packing/added-value operations tailored to agri-food customers.
- Network orchestration: goods flow through a hub-and-spoke model of regional platforms to minimize transit time while preserving temperature continuity.
- Fleet & equipment: dedicated refrigerated tractors, multi-temperature trailers and cross-docking facilities maintain segregation of product types and temperature zones.
- Operational processes: standardized HACCP-based procedures, traceability from supplier to retailer, calibrated sensors, and documented cold-chain handovers.
- Value-added services: kitting, labelling, co-packing and shelf-ready packaging to reduce retailer handling and time-to-shelf.
- Advanced IT systems: transport management system (TMS), warehouse management system (WMS), route optimization algorithms and real-time telematics for vehicle and temperature monitoring.
- Data-driven efficiency: dynamic routing, load consolidation and predictive maintenance reduce empty miles and improve on-time delivery rates.
- Traceability & alerts: end-to-end digital traceability with automated alerts for temperature excursions and delivery exceptions.
- Transport revenue: fee-for-service transport contracts with retailers, food manufacturers, and producers (scheduled and dedicated flows).
- Contract logistics: warehousing and inventory management charged per pallet/month or per transaction for order-picking and handling.
- Co-packing & value-added operations: margin-generating activities billed per service (assembly, cutting, labelling, promotional packs).
- Integrated solutions: multi-year contracts, service-level agreements and integrated supply-chain partnerships that lock in predictable revenue streams.
| Metric | Value |
|---|---|
| Annual group revenue (approx., FY 2023) | €4.2 billion |
| Operating platforms & warehouses | 236 |
| Vehicles | 1,900 |
| Refrigerated trailers | 1,950 |
| Temperature range | -25°C to +18°C |
| Food-safety compliance | 95% |
| Employees (approx.) | 25,000 |
- Scale and density of platform network enable short lead times and regional responsiveness.
- Specialized cold-chain expertise for perishable goods reduces spoilage and shrinkage for customers.
- Integrated IT and telematics provide service differentiation through reliability and traceability.
- Long-term contracts and diversified service mix create predictable cash flows and margin resilience.
STEF SA (STF.PA): How It Works
STEF SA is a European specialist in temperature-controlled transport and logistics for the agri-food sector. Its core business model combines asset-based transport, contract logistics (including cold-chain warehousing), and co-packing/added-value services to deliver end-to-end cold chain solutions for food manufacturers, retailers, foodservice operators and producers.- Service pillars: temperature-controlled transport, warehousing & logistics, value-added services (co-packing, labelling, customized packaging), and express/last-mile for fresh and frozen products.
- Geographic footprint: operations across multiple European countries (France, Spain, Italy, Benelux, UK, Scandinavia and Eastern Europe), enabling network synergies and cross-border flows.
- Customer base: large retailers, food manufacturers, wholesalers, foodservice chains and local producers-contracts range from short-term spot to long-term partnership agreements.
- Transport contracts: pricing based on kilometres, temperature regimes, frequency and dedicated vehicle deployment; long-term contracts provide predictable recurring revenue.
- Contract logistics and warehousing: billed by space (m²) and throughput (tons/evts) with value-added margin for inventory management and cold storage services.
- Co-packing & packaging services: revenue from bespoke packing, repacking, kitting and light manufacturing services billed per unit or per shift, increasing margin per flow.
- Cross-border optimization & backhauls: higher utilisation and lower empty-km rates across its European network improves gross margin.
- Digital & premium services: pricing premiums for traceability, temperature monitoring, SLA guarantees and analytics enabled by digital platforms and AI-driven routing/forecasting.
- Sustainability-linked services: demand for lower-carbon transport and packaging commands price differentiation and supports retention with sustainability-conscious clients.
| Metric | 2021 | 2022 | 2023 (approx.) |
|---|---|---|---|
| Group revenue (€bn) | 3.9 | 4.2 | ≈4.7 |
| Recurring operating income / REBIT (€m) | 185 | 210 | ≈236 |
| Employees (approx.) | 20,000 | 22,000 | ≈24,000 |
| Temperature-controlled vehicles (approx.) | 8,500 | 9,000 | ≈9,500 |
| Cold storage capacity (m³) | 2,200,000 | 2,350,000 | ≈2,500,000 |
| Number of platforms / sites | 220 | 230 | ≈240 |
- Transport vs. logistics mix: Transport (linehaul + regional distribution) provides high-volume, lower-margin turnover; contract logistics and co-packing provide higher-margin recurring income.
- Pricing levers: fuel and energy surcharges, indexation clauses in long-term contracts, premium pricing for time-critical or controlled-temperature SLAs.
- Cost structure drivers: driver and labour costs (largest component), fuel/energy for refrigerated units, network utilisation (load factors), property & maintenance for platforms and fleet.
- Economies of scale: multi-country network reduces per-unit fixed costs (depot footprint, IT amortisation, purchasing of equipment) and enables centralized planning and procurement.
- Use cases: route optimisation, dynamic load consolidation, predictive maintenance for refrigerated units, temperature-monitoring telemetry and demand forecasting.
- Monetisation: improved fleet utilisation reduces cost per delivery, and richer service levels (real-time traceability) allow premium billing and new service offerings (analytics, SLA-backed guarantees).
- Green investments: electrification of urban fleets, LNG/biogas for long haul, energy-efficient warehouses and solar installations-reduces CO2 emissions and attracts sustainability-focused customers.
- Commercial impact: sustainability-linked contracts and ESG reporting increase customer retention and create differentiation versus generic carriers.
- Large retailer: comprehensive national distribution + cold storage + co-packing - invoiced on a mix of monthly capacity fees, per-pallet handling and per-order fulfilment fees, with indexation clauses.
- Food manufacturer: dedicated lane transport and seasonal co-packing - contracted base fee for dedicated vehicle+staff plus throughput-based charges for processing/packaging.
| KPI | Target / Range | Why it matters |
|---|---|---|
| Fleet utilisation (%) | 75-90% | Higher utilisation lowers fixed cost per trip |
| Empty kilometre rate (%) | <10-15% | Reduces fuel and labour waste |
| Warehouse occupancy (%) | 80-95% | Optimises storage revenue and throughput |
| On-time delivery rate (%) | >95% | Protects service margins and avoids penalties |
| Temperature compliance incidents (ppm) | Very low / single digits per million) | Critical for food safety and contract liability |
- Integrated end-to-end offerings: bundling transport+warehousing+co-packing increases wallet share and reduces churn.
- Pan-European network: cross-border flows and shared backhauls improve utilisation and open large retail/foodservice accounts.
- Technology-led differentiation: telemetry and AI reduce costs, improve margins and enable new paid services (analytics, white-label platforms).
- ESG credentials: access to premium RFPs and retention with customers seeking lower-carbon supply chains.
STEF SA (STF.PA): How It Makes Money
STEF SA is a European temperature-controlled logistics and transport specialist serving food manufacturers, retailers, and foodservice operators. Its business model monetizes end-to-end cold chain services, combining transport, warehousing, value-added logistics and tailored customer services to capture margin across the refrigerated supply chain.- Core revenue streams: temperature-controlled transport (road & multimodal), contract logistics (warehousing & co-packing), and specialized services for fresh, frozen and chilled products.
- Value-add services: inventory management, quality control, last-mile delivery, and culinary logistics for foodservice clients-these command higher per-unit margins than pure transport.
- Geographic diversification: operations across France, Southern Europe, Northern Europe and the UK (entered UK market in 2021), reducing single-market exposure.
- Technology & efficiency: digital platforms, route optimization and AI-driven forecasting improve asset utilization and lower unit costs, enhancing profitability.
- Sustainability premium: investments in low-emission vehicles and energy-efficient warehouses help meet regulatory standards and attract sustainability-focused customers.
| Metric | Value | Reference Year / Date |
|---|---|---|
| Market capitalization | €1.69 billion | As of July 1, 2025 |
| Revenue | €4.8 billion | 2024 |
| UK market entry | Expanded into UK | 2021 |
| Primary customers | Food manufacturers, retailers, foodservice | Ongoing |
| Strategic focuses | Digital transformation, sustainability, AI | Ongoing |
- Pricing mechanics: mix of fixed contracts (longer-term, stable margins) and spot/transactional pricing (flexible but variable margins).
- Cost structure drivers: fuel & energy, fleet and refrigeration maintenance, labor for warehousing/handling, and IT/automation investments.
- Profit levers: higher fill-rates, network densification, cross-selling logistics services, and premium fees for temperature-sensitive or time-critical deliveries.
- Market cap of €1.69 billion (July 1, 2025) and €4.8 billion revenue in 2024 underline scale and recurring demand for refrigerated logistics.
- European expansion including the UK (2021) diversifies revenue and reduces country-specific risk.
- Focus on sustainability and innovation positions STEF to meet tightening regulatory requirements and capture customers seeking low-carbon logistics.
- Strategic investments in digital transformation and AI-driven solutions are expected to drive operational efficiency and future growth.
- Customer satisfaction and social responsibility efforts support brand strength and long-term contract renewal rates.
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