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In contrast, continuous-target language modelling performs generation in a continuous space, yet its potential for S2T remains unexplored. To bridge this gap, we propose ELF-S2T, an audio-conditioned continuous-target generative model for S2T. Built upon the pre-trained Embedded Language Flows (ELF) backbone, ELF-S2T processes speech via a frozen Whisper encoder and a single linear projector, prepending the resulting audio condition to the noisy text latent for in-context, flow-matching denoising. To prevent the model from over-relying on its pre-trained text context, we introduce audio forcing during training, and further amplify the audio condition via classifier-free guidance at inference. Experiments on LibriSpeech and CoVoST2 show that ELF-S2T achieves competitive ASR and S2TT performance. 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