Logista Integral (LOG) Q4 2025 earnings summary

Executive summary

• Economic sales grew 3% year-on-year to EUR 1.8 billion, driven by strong tobacco and pharma performance in Iberia and Italy, and supported by a EUR 45 million profit on inventory from tax and price changes.

• Net profit declined 8.8% to EUR 281 million due to lower financial income from falling interest rates and underperformance in certain transport businesses.

• Board proposes a stable total dividend of EUR 277 million (EUR 2.09 per share), representing a 99% payout ratio, despite the profit decline.

• ESG initiatives advanced, with 85% of kilometers traveled by Euro 6 vehicles and 32% female representation in management, alongside progress in sustainability targets and governance certifications.

• Measures implemented to improve operating results, including turnaround actions in underperforming transport businesses.

Financial highlights

• Total revenues increased by 4.2% year-on-year to EUR 13,536 million; economic sales up 3% to EUR 1,809 million.

• Adjusted EBIT fell 1.9% to EUR 378 million, with margin over economic sales at 20.9% (down 103 bps year-on-year).

• EBITDA remained flat at EUR 495 million.

• Free cash flow surged to EUR 483 million from EUR 225 million, aided by positive working capital movements.

• Financial income dropped to EUR 73 million from EUR 103 million last year, reflecting lower average interest rates (3.54% vs. 4.85%).

Outlook and guidance

• Adjusted EBIT (excluding profit on inventory) expected to grow at a mid-single-digit rate in 2026, supported by core business strength and cost discipline.

• Dividend policy to maintain at least the same payout in 2026 as in 2025, with at least EUR 2.09 per share planned.

• Continued focus on small and mid-sized acquisitions, especially in pharma and new generation products, for geographic and business diversification.