Logista Integral (LOG) Q4 2024 earnings summary

Executive summary

• Robust FY24 performance, supported by business-line growth, inventory profits, higher interest rates and acquisition synergies.

• Non-tobacco businesses contributed 52% of Economic Sales, reflecting continued diversification.

• Proposed total dividend of €2.09 per share, up 13% year-on-year, with a 90% payout and a policy of distributing at least 90% of net profit.

• Launched ESG targets under the 2024-2026 sustainability plan.

Financial highlights

• Revenue rose 4.5% to €12,986m and Economic Sales increased 4.3% to €1,757m.

• Adjusted EBIT grew 5.3% to €385m; operating profit rose 11.2% to €326m and net profit increased 13.2% to €308m.

• Net financial income was €93m, up from €76m, benefiting from higher interest rates.

• EBITDA increased 5.2% to €495m; basic EPS was €2.34, up from €2.07.

• Total Shareholder Return was 14%; the share price rose 12% to €28.00, an all-time high.

Outlook and guidance

• FY25 adjusted EBIT is expected to grow at a mid-single-digit rate, excluding inventory revaluation in both years and new acquisitions.

• Priorities include sustainable growth, stronger growth in non-tobacco businesses, continued acquisitions and maintaining the dividend policy; tobacco remains a significant EBIT contributor.

• European transport volumes are expected to have a more positive outlook in 2025.