Logista Integral, S.A.

Logista reported fiscal 2025 economic sales of EUR 1.8 billion, up 3% year over year. Adjusted EBIT was EUR 378 million, down 2%, reported EBIT was EUR 318 million, down 2%, and net profit was EUR 281 million, down 9%; EPS was EUR 2.3 versus EUR 2.34 last year. EBITDA was flat at EUR 495 million. Profit on inventory totaled EUR 45 million versus EUR 35 million in fiscal 2024, and financial income fell to EUR 73 million from EUR 103 million as the average interest rate declined to 3.54% from 4.85%. For 2026, management expects adjusted EBIT excluding profit on inventory to grow at a mid-single-digit rate and intends to distribute at least the same dividend as in 2025.

Íñigo Amusco characterized the year as solid overall, with tobacco and pharma strength in Iberia and Italy offsetting lower interest rates, France volume declines, and weak transport performance. He framed ESG, operational excellence, and shareholder returns as the company’s strategic pillars, noting progress on the 2024-2026 sustainability plan and the decision to keep the dividend stable despite lower net profit. Looking ahead, he emphasized continued diversification, selective small and midsized acquisitions, and mid-single-digit EBIT growth ex-inventory in 2026.

Pedro Losada highlighted that Iberia economic sales rose 3% to EUR 1,181 million but adjusted EBIT fell 5% to EUR 191 million, while Italy posted EUR 434 million of economic sales and EUR 134 million of adjusted EBIT, both up 8% and 11%, respectively. France was weaker, with economic sales down 7% to EUR 200 million and adjusted EBIT down 15% to EUR 53 million, mainly due to lower inventory profit of EUR 4 million versus EUR 8 million. He also pointed to free cash flow of EUR 483 million, up sharply from EUR 225 million, normalized cash flow of EUR 315 million, capex of EUR 54 million, lease payments of EUR 76 million, and final cash of EUR 2.6 billion, while explaining that lower rates reduced financial income and that the dividend proposal remains EUR 277 million.

Analysts focused on El Mosca, Carbo, Iberia margin pressure, regulatory risk, and whether M&A is being delayed by the dividend commitment. Management said El Mosca and Carbo will likely still require restructuring during 2026, with full turnaround taking most or all of the year, and confirmed that some one-off negative impacts at Mosca affected the annual results. On regulation, management said a possible Spanish anti-tobacco law would likely not affect this coming fiscal year and that EU-wide tobacco taxation looks like a longer-dated risk, not a near-term issue. On M&A, executives said they are tracking 3 or 4 opportunities, mostly in pharma and some tobacco-related NGP exposure, but are being more cautious in transport after the Mosca experience.