Logista Integral, S.A.

Fiscal 2025 economic sales were EUR 1.8 billion, up 3% year on year. Adjusted EBIT was EUR 378 million, down 2%, and net profit was EUR 281 million, down 9%; EPS was EUR 2.3 versus EUR 2.34 in fiscal 2024. EBITDA was flat at EUR 495 million. Profit on inventory was EUR 45 million versus EUR 35 million last year, financial income was EUR 73 million versus EUR 103 million, and the average interest rate was 3.54% versus 4.85% last year. Free cash flow was EUR 483 million versus EUR 225 million, and year-end cash was EUR 2.6 billion. For 2026, management expects adjusted EBIT excluding profit on inventory to grow at a mid-single-digit rate, and said it intends to distribute at least the same dividend as in 2025.

Íñigo Amusco framed 2025 as a solid year, led by tobacco and pharma strength in Italy and Spain and supported by a strong profit on inventory from tobacco pricing and tax changes. He said the company is still focused on operational excellence, ESG execution and shareholder returns, and reiterated that Logista will keep pursuing small and midsized acquisitions that fit its footprint and portfolio. On outlook, he guided to mid-single-digit adjusted EBIT growth excluding inventory profits in 2026 and said the dividend should be at least maintained.

Pedro Losada detailed the regional split and the main financial drivers. Iberia economic sales were EUR 1,181 million with adjusted EBIT of EUR 191 million; Italy had EUR 434 million of economic sales and EUR 134 million of adjusted EBIT; France had EUR 200 million of economic sales and EUR 53 million of adjusted EBIT. He highlighted EUR 54 million of CapEx, EUR 76 million of lease payments, normalized cash flow of EUR 315 million, and free cash flow of EUR 483 million, which benefited from working capital; he also noted financial income fell because rates declined, and cash balance rose to EUR 2.6 billion.

Analysts focused on El Mosca and Carbo, asking whether more restructuring is needed, what contribution those businesses can make, and whether the weakness in Iberia margins will improve. Management said the turnaround likely needs most of 2026, with continued restructuring, integration with Freight and Parcel, leadership changes, tighter cost control and revenue optimization; they also said there were nonoperating one-off negative impacts in 2025 that will not repeat in 2026. Questions also covered tobacco regulation, French volumes, and M&A, and management said Spain’s draft anti-tobacco law is not expected to affect the coming fiscal year, EU tobacco taxation is still too early to be a short-term risk, and Logista is reviewing 3 or 4 opportunities, mainly in pharma and some NGP-tied tobacco exposure.