Logista Integral (LOG) Q2 2026 earnings summary

Executive summary

• Revenue increased by 2.6% year-over-year to €6,594 million for H1 2026, driven by growth in Iberia and Italy, offsetting declines in France.

• Solid underlying performance in Iberia and Italy, with pharma and tobacco segments showing resilience when excluding inventory profit effects from 2025.

• Excise tax and retail price increases in France and Italy, and retail price hikes in Spain, led to a €32 million profit on inventory.

• Macroeconomic environment remains complex, with geopolitical tensions and inflation risks, but business model and contractual clauses help mitigate impacts.

• Strong ESG progress, surpassing targets in fleet decarbonization and gender diversity, and expanding recycling initiatives.

Financial highlights

• Revenue rose 2.6% year-over-year to €6,594 million; economic sales declined 1.3% to €904 million.

• Adjusted EBIT fell 3.5% to €195 million, mainly due to lower inventory revaluation gains (€32 million vs. €46 million last year).

• Net profit dropped 9.9% to €136 million, reflecting lower inventory profit and reduced financial income.

• EBITDA reached €251 million, down 4% year-over-year.

• Free cash flow was negative €536 million, an improvement over last year’s negative €585 million.

• Earnings per share were €1.03, down from €1.14 in H1 2025.

Outlook and guidance

• Adjusted EBIT (excluding profit on inventory) expected to grow at a mid-single digit rate for FY2026.

• Guidance reaffirmed for dividend distribution at least equal to €2.09 per share for 2026, matching 2025.

• Continued focus on core business strength, cost discipline, and diversification through small and mid-sized acquisitions.