Logista Integral (LOG) Q2 2025 earnings summary

Executive summary

• Achieved robust H1 2025 results, with economic sales up 5.6% to €916 million and strong profit on inventory from tobacco price and tax increases across all regions.

• Net profit declined 5.4% year-on-year to €151 million, mainly due to lower financial income from reduced interest rates.

• 52% of economic sales now come from non-tobacco businesses, reflecting successful diversification.

• Continued focus on optimizing M&A, improving profitability in acquired companies, and executing ESG initiatives.

• Maintained a strong dividend policy, distributing €277 million for FY2024, a 13% increase over the prior year.

Financial highlights

• Revenue rose 3.5% year-over-year to €6,425 million; economic sales up 5.6% to €916 million.

• Adjusted EBIT increased 4.6% to €202 million; operating profit (EBIT) up 3.8% to €174 million.

• EBITDA grew 6% year-on-year to €261 million; normalized free cash flow at €164 million.

• Net financial income dropped to €29 million from €48 million, reflecting lower interest rates.

• Earnings per share was €1.14, down from €1.21 last year.

Outlook and guidance

• Adjusted EBIT (including profit on inventory) expected to align with market expectations for FY2025.

• Adjusted EBIT excluding profit on inventory for 2025 anticipated to be slightly below 2024 due to transport segment challenges.

• No further profit on inventory expected for the rest of FY2025.

• Dividend policy remains unchanged, with commitment to at least match €2.09/share distributed in 2024.

• Continued pursuit of small and mid-size acquisitions for further diversification.