Interim report
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Annual Results 2025 October 2024 – September 2025
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Logista closes its fiscal year 2025 with a 3% increase in Economic Sales Financial Highlights1 M€ 1 Oct. 2024 - 30 Sept. 2025 1 Oct. 2023 - 30 Sept. 2024 % Variation Revenue 13,536 12,986 4.2 % Economic Sales 1,809 1,757 3.0 % Adjusted EBIT 378 385 (1.9) % Economic Sales Margin 20.9 % 21.9 % -103 b.p. Operating Profit (EBIT) 318 326 (2.4) % Net Profit 281 308 (8.8) % Macroeconomic context for the period The period unfolded within a complex macroeconomic and geopolitical environment. On the geopolitical front, the conflict between Russia and Ukraine persisted without significant progress toward a negotiated resolution, prolonging tensions in Eastern Europe. At the same time, the conflict between Israel and Palestine intensified following the breakdown of the ceasefire in March 2025, leading to an escalation of violence in the region with no clear prospects for a short-term solution. Added to this is the deterioration of relations between Iran and Western powers, which has contributed to increased volatility in energy markets and reinforced global risk perception. On the macroeconomic side, the foreign policy of the U.S. administration has introduced elements of uncertainty regarding the evolution of international trade and global growth. This situation has led to heightened volatility in financial markets, with episodes of correction in major stock indices and abrupt movements in currency and commodity markets. In contrast, the euro area has shown signs of stabilization in some key indicators. Inflation recorded a significant moderation, standing at 2.2% year-on-year in September 2025 (according to preliminary data), which allowed the European Central Bank (ECB) to continue its cycle of interest rate cuts initiated in June 2024. At its June 2025 meeting, the ECB lowered interest rates by a further 25 basis points, setting the deposit rate at 2.00%, the main refinancing rate at 2.15%, and the marginal lending facility at 2.40%. This more accommodative monetary policy aims to support economic recovery in an environment that remains fragile and influenced by external factors. Fiscal Year 2025 Results 2 Investor Relations Contact: investor.relations@logista.com, + 34 91 481 9800 1 See appendix “Alternative Performance Measures.”
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Business trend and income statement highlights Consolidated income statement summary2 • Revenues of € 13,536 million, vs. € 12,986 million in 2024, resulting in a 4.2% growth yoy with increases recorded in all major businesses of Iberia and Italy. • Economic Sales of € 1,809 million vs. € 1,757 million in 2024 after a 3.0% growth with improvements in all of Iberia's main businesses and in Italy. • Adjusted EBIT of €378 million vs. €385 million last year resulting in a decline of (1.9)%. • Adjusted EBIT margin on Economic Sales was 20.9% compared with 21.9% in 2024 (103 b.p. less than in 2024). • Changes in the value of inventories due to changes in tobacco taxes and prices during the period in Spain, France and Italy have resulted in an estimated positive impact of € 45 million, as the tax increase was offset by changes in tobacco prices in all three regions, vs. €35 million in the previous year equalling to a 28% yoy growth. • Restructuring Costs of € (5) million vs. € (4) million the year before which equals to a 19.1% higher restructuring costs. • Profit/(loss) from disposal of €6 million thanks to the sale of some assets in Spain, compared to €5 million in 2024, after the sale of an asset in France, increasing profit on disposals by 8.2%. • Operating profit of €318 million vs. €326 million in the previous year after a (2.4)% decline. • Net financial result of € 63 million, vs. € 93 million, the year before due to a reduction on the average interest rate for the period in comparison to the previous year resulting in (32.1)% less financial result. • The tax rate of 26.3%, a 12 b.p. below 2024’s tax rate of 26.5%. • Net Profit of €281 million vs. €308 million during the previous year, recording a decline of (8.8)% compared to 2024. 3 Investor Relations Contact: investor.relations@logista.com, + 34 91 481 9800 2 See appendix “Alternative Performance Measures.”
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Revenue trend (by segment and business)3,4 M€ 1 Oct. 2024 - 30 Sept. 2025 1 Oct. 2023 - 30 Sept. 2024 % Variation Iberia 5,172 4,843 6.8 % Tobacco and Related Products 4,205 3,892 8.0 % Transport 900 890 1.1 % Pharmaceutical distribution 306 273 12.0 % Other Businesses 18 19 (3.0) % Adjustments (257) (231) (11.2) % Italy 4,781 4,436 7.8 % Tobacco and others 4,781 4,436 7.8 % France 3,643 3,764 (3.2) % Tobacco and Related Products 3,643 3,764 (3.2) % Adjustments (61) (58) (5.1) % Total Revenue 13,536 12,986 4.2 % Economic sales trend (by segment and business)3,4 M€ 1 Oct. 2024 - 30 Sept. 2025 1 Oct. 2023 - 30 Sept. 2024 % Variation Iberia 1,181 1,144 3.2 % Tobacco and Related Products 420 389 8.0 % Transport 732 726 0.7 % Pharmaceutical distribution 112 102 9.6 % Other Businesses 18 18 (2.6) % Adjustments (100) (91) (10.4) % Italy 434 402 7.9 % Tobacco and others 434 402 7.9 % France 200 216 (7.4) % Tobacco and Related Products 200 216 (7.4) % Adjustments (6) (6) (5.8) % Total Economic Sales 1,809 1,757 3.0 % 4 Investor Relations Contact: investor.relations@logista.com, + 34 91 481 9800 3 Tobacco and others in Italy includes Logista Pharma Italy 4 See appendix “Alternative Performance Measures.”
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Adjusted EBIT and EBIT trends5 M€ 1 Oct. 2024 - 30 Sept. 2025 1 Oct. 2023 - 30 Sept. 2024 % Variation Iberia 191 202 (5.3) % Italy 134 121 10.6 % France 53 63 (14.9) % Total Adjusted EBIT 378 385 (1.9) % (-) Restructuring costs (5) (4) (19.1) % (-) Depreciation of assets acquired (61) (62) 0.5 % (+/-) Profit/(loss) on disposal and impairment 6 5 8.2 % (+/-) Equity-accounted profit/(loss) and other 1 1 (42.5) % Operating Profit (EBIT) 318 326 (2.4) % Adjusted Operating Profit (or, Adjusted EBIT) is the main indicator employed by Group Management to analyse and measure business performance. This indicator is essentially calculated by discounting from EBIT costs that are not directly related to the Group’s revenue in each period, which facilitates the analysis of trends in operating costs and in the Group’s margins. The table above sets out the reconciliation of Adjusted EBIT and EBIT for the fiscal year 2025 and 2024 Amortization of assets from acquisitions includes Logista France, Speedlink, Transportes El Mosca, Carbó Collbatallé, Gramma Farmaceuticci and BPS. 5 Investor Relations Contact: investor.relations@logista.com, + 34 91 481 9800 5 See appendix “Alternative Performance Measures.”
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Segment performance A. Iberia: Spain, Portugal, Poland, The Netherlands and Belgium6,7 M€ 1 Oct. 2024 - 30 Sept. 2025 1 Oct. 2023 - 30 Sept. 2024 % Variation Revenues 5,172 4,843 6.8 % Tobacco and Related Products 4,205 3,892 8.0 % Transport 900 890 1.1 % Pharmaceutical distribution 306 273 12.0 % Other Businesses 18 19 (3.0) % Adjustments (257) (231) (11.2) % Economic Sales 1,181 1,144 3.2 % Tobacco and Related Products 420 389 8.0 % Transport 732 726 0.7 % Pharmaceutical distribution 112 102 9.6 % Other Businesses 18 18 (2.6) % Adjustments (100) (91) (10.4) % Revenues of €5,172 million was up by + 6.8% vs. 2024 and Economic Sales of € 1,181 million grew by +3.2%% vs 2024. 6 Investor Relations Contact: investor.relations@logista.com, + 34 91 481 9800 6 See appendix “Alternative Performance Measures.” 7 Total volumes distributed include cigarettes, RYO, other and Heat not burned units Tobacco • Economic sales for tobacco and related products grew by 8.0% during the period compared to fiscal year 2024. • Volumes distributed of cigarettes plus RYO and others in Iberia decreased slightly by (0.4)% compared to 2024. This variation includes the decline in traditional cigarette volumes in Spain (0.8)%, which was offset by an increase in traditional tobacco and in RYO and others in Portugal. It is also worth noting the significant growth in the distribution of electronic cigarettes in both countries, although it still represents a small percentage compared to traditional tobacco. • During this period, retail prices in Spain for all major tobacco manufacturers have increased between €0.35 and €0.40 per pack, in anticipation of the increase of excise duty on tobacco that took place on January 1 st, 2025. As a consequence, we have estimated a positive impact on results due to variations in the value of inventories of €34 million (vs. €21 million in 2024).
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7 Investor Relations Contact: investor.relations@logista.com, + 34 91 481 9800 Related Products - Retail • Economic Sal es in the distribution of convenience products have grown at single-digit rates. Logista Retail has continued to expand its activity with growth in every distribution channel, with sales increase of its main customers and the incorporation of new clients. • In the retail segment, there has also been significant growth in the distribution of e- cigarette refills and nicotine pouches in Spain, although they continue to represent a very small percentage compared to traditional tobacco. Transport • Revenues of €900 million + 1.1% vs. previous year and Economic sales of €732 million, + 0.7% vs. 2024. • Economic Sales in long-distance transport reduced due to the decrease in its activity. In particular, Transportes El Mosca’s business has been affected by the macroeconomic situation and a lower demand, among other issues. During this fiscal year Logista has put a new management team in place at El Mosca, embedded control and compliance systems to Logista’s standard, initiated a cost reduction programme and implemented a revenue optimisation strategy, with a focus on international transportation. Integration of El Mosca’s road business with Logista Freight is on track. • The parcel segment's Economic Sales posted single-digit growth thanks to an increase in volumes distributed in both the pharmaceutical and food sectors, that offset the decrease in the refrigerated activity at Carbó Collbatallé, where Logista is still working towards improving its profitability. • Economic Sales relating to the courier segment posted single-digit growth, thanks to the incorporation of BPS for the full period, increased shipments in Spain and increases in the average tariff.
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Adjusted EBIT of €191 million vs. €202 million during the previous year. Restructuring Costs of €(4) million vs.€(4) million during 2024 Capital gains or losses on asset sales of €6M€, due to the sale of certain assets in Spain vs. capital gains/losses near to zero in the previous year. A Purchase Price Amortization charge of € (9) million was recognized in the current year due to the acquisition of Speedlink, Transported El Mosca, Carbó and BPS vs. € (10) million in the previous fiscal year. Equity-accounted profits and others (book distribution) totalled € 1 million vs. €1 million in the previous year. EBIT of €185 million against €190 million recorded during the previous year. 8 Investor Relations Contact: investor.relations@logista.com, + 34 91 481 9800 Publications Distribution • During 2025 a decrease of (3.0)% in Revenues and of (2.6)% in Economic Sales has been recorded vs the previous year. Pharmaceutical Distribution • Revenues of €306 million, + 12.0% vs. previous year and Economic Sales of €112 million, + 9.6%, thanks to the incorporation of new customers, and sales growth in pharmacy channel and in hospitals.
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B. Italy8,9 10 M€ 1 Oct. 2024 - 30 Sept. 2025 1 Oct. 2023 - 30 Sept. 2024 % Variation Revenues 4,781 4,436 7.8 % Tobacco and others 4,781 4,436 7.8 % Economic Sales 434 402 7.9 % Tobacco and others 434 402 7.9 % Revenues of € 4,781 million, and Economic sales of €434 million with increases of + 7.8% and + 7.9% respectively vs. last year thanks to the positive impact of inventory value, Improvement in logistics services for tobacco manufacturers and tobacconists and an increase in sales of new-generation products. 9 Investor Relations Contact: investor.relations@logista.com, + 34 91 481 9800 8 See appendix “Alternative Performance Measures.” 9 Tobacco and others includes the segment of Logista Pharma Italy 10 Total volumes distributed include cigarettes, RYO, other and Heat not burned units Tobacco • Volumes distributed of cigarettes plus RYO and other declined slightly by (0.9)% vs. the previous year, with strong growth in new product categories partially offsetting the decline in traditional cigarette volumes of (2.1)%. • In Italy, there was an increase in excise duties on traditional tobacco during the period. In response to this tax increase, the main tobacco manufacturers increased their prices on average between €0.10 and €0.30 per pack, offsetting the tax increase. • The variation in the value of inventories as a result of the tax hike and tobacco price increase has registered a net impact of c. € 7 million vs. c. € 6 million in the previous year. • E-cigarette volumes doubled in the period, while nicotine pouches volumes tripled, although they both account for a small percentage of total volumes in Italy.
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Adjusted EBIT of €134 million vs. €121 million in the previous year. Restructuring costs close to zero for both periods. EBIT of €134 million vs. €121 million during 2024. 10 Investor Relations Contact: investor.relations@logista.com, + 34 91 481 9800 Related Products - Retail • Economic Sales from the distribution of convenience products, have registered double-digit growth compared to the previous year, thanks to the good performance in sales of new generation products such as electronic cigarettes. • During the fiscal year, we continued to increase the number of tobacconists participating in the next-generation product recycling initiative, reaching nearly 30,700 tobacconists by the end of the fiscal year participating in the new Recycle-Cig initiative. Pharmaceutical Distribution • In the pharmaceutical distribution segment in Italy, during the year, collaboration agreements with several major clients have been renewed, and agreements have been signed with new clients recording a double digit growth in its Economic Sales. • Logista has opened a new warehouse in northern Italy that will facilitate the growth of the pharmaceutical distribution segment in the country.
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C. France11,12 M€ 1 Oct. 2024 - 30 Sept. 2025 1 Oct. 2023 - 30 Sept. 2024 % Variation Revenues 3,643 3,764 (3.2) % Tobacco and Related Products 3,643 3,764 (3.2) % Economic Sales 200 216 (7.4) % Tobacco and Related Products 200 216 (7.4) % Revenues of € 3,643 million, (3.2)% vs. the previous year and Economic Sales of € 200 million, (7.4)% vs. 2024 due to the reduction in volumes distributed, and a lower impact of inventory gains in comparison to last year’s profit on inventory. 11 Investor Relations Contact: investor.relations@logista.com, + 34 91 481 9800 11 See appendix “Alternative Performance Measures.” 12 Total volumes distributed include cigarettes, RYO, other and Heat not burned units Tobacco • The decrease in tobacco volumes distributed in comparison to the previous year amounted to (8.8)% in cigarettes plus RYO and other. • During the period there was an increase in excise duties, which was later offset by an increase in sale price from approximately €0.50/pack, published by the main tobacco manufacturers. • Tobacco tax and price movements had an estimated positive impact of c. € 4 million in the period, vs. a positive impact of c. € 8M€ million during the previous year. Related products - Retail • In the retail segment in France, Strator has continued to expand by incorporating new customers, and Telecom business’ Economic Sales have grown at single digit, although these businesses have not compensated the decline in sales of the remaining tobacco related products. • In the retail segment, it is worth noting the significant growth in e-cigarette refill and nicotine pouches volumes, although this still represents a very small percentage compared to traditional tobacco.
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Adjusted EBIT of €53 million vs. €63 million last year Restructuring costs of €(1) million vs. €0 million in 2024. The gain on disposal close to zero vs.€ 6 million in the previous year thanks to the sale of a warehouse in the country. The same depreciation was recorded for the assets generated in the acquisition of the French business, which amounted to € (52) million in both periods. EBIT of € 0 million vs. € 16 million the previous year reflecting the volume drop and a lower impact of inventory revaluation and gains on disposal in comparison to the precedent year. 12 Investor Relations Contact: investor.relations@logista.com, + 34 91 481 9800
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Financial Trends A. Evolution of Net Financial Results The Group has entered into a reciprocal credit line agreement with its majority shareholder (Imperial Brands Plc.), whereby it lends its surplus cash on a daily basis up to a limit of €3,000 million or receives the cash necessary to meet its payment obligations. The terms of the credit line agreement include: 1. First tranche up to €1,000 million will be remunerated at a fixed rate of 2.865% plus a spread of 0.75%, for a total of 3.615%. 2. Second tranche for balances above €1,000 million and up to €3,000 million, which will be remunerated at a EURIBOR 6-month’s rate plus a spread of 0.75%. In fiscal year 2024, the European Central Bank (ECB) began its interest rate cut strategy, with the first reductions taking place on June 6 th and September 12 th, 2024, bringing the ECB’s benchmark rate down to 3.65% at the end of the fiscal year. During fiscal year 2025, the ECB maintained a cautious stance, closely monitoring price developments and economic growth before making further adjustments. At its June 2025 meeting, the ECB implemented an additional 25 basis point cut, setting the deposit rate at 2.00%, the main refinancing rate at 2.15%, and the marginal lending facility at 2.40%. Since then, no further reductions have been made, with rates remaining unchanged at the September 2025 meeting. Taking into account the fixed rate applied to the first tranche and the average 6-month Euribor reference rate for the second tranche, the average reference rate for the period was 2.79%, to which a margin of 0.75% must be added, resulting in a total average rate of 3.54%. During the previous fiscal year, the average reference rate for the period was 4.10%, to which a margin of 0.75% should be added, reaching a total average rate of 4.85%. The average credit line balance during the period was €1,985 million vs. €2,048 million in the previous year. Financial income amounted to €73 million vs. €103 million in 2024. Financial expenses for the period amounted to € (10) million aligned with the € (10) million recorded in 2024 Net financial income/(expense) for the period therefore totalled €63 million, compared to the €93 million obtained during 2024, reflecting the decrease in interest rates during the period. 13 Investor Relations Contact: investor.relations@logista.com, + 34 91 481 9800
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B. Net Profit13 Restructuring costs of €(5) million during 2025 vs. €(4) million in 2024. A capital gain of €6 million was recorded after the sale of various assets in Spain, compared to 5M€ in the previous year after the sale of a warehouse in France. Financial results have been lower than those obtained in the previous year (€ 63 million vs € 93 million), given the reduction in interest rates during the period. Profit Before Tax reached € 382 million vs.€ 419 million during 2024. Tax rate of 26.3%vs 26.5% in 2024. Net Profit recorded €281 million, compared to €308 million during the previous year. Basic earnings per share amounted to 2.13€ vs. 2.34€, in the previous period, with the number of shares representing capital stock remaining the same. As of September 30 th, 2025, the Company held 723,535 treasury shares ( 0.55% of share capital). Most of these shares were purchased to cover future commitments to deliver shares under long-term executive remuneration plans. The other shares secure the liquidity agreement entered into on January 20th, 2021, with Banco Santander, S.A. C. Cash Flow During the fiscal year, earnings before depreciation, interest, and taxes (EBITDA) were in line with those obtained during the previous fiscal year. Lower restructuring expenses disbursed and taxes have not offset the lower financial income as a result of the drop in interest rates recorded during the fiscal year, resulting in a normalized cash flow of (7)% lower than that achieved in the previous year. Calendar effects contributed to a positive variation in working capital. Finally, the cash outflow from acquisitions during the previous year amounted to €(70) million compared to the € (3) million disbursed in this year, resulting in a free cash generation of € 483 million compared to €225 million in the previous year. 14 Investor Relations Contact: investor.relations@logista.com, + 34 91 481 9800 13 See appendix “Alternative Performance Measures.”
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D. Dividend Policy The Board of Directors intends to propose to the General Shareholders' Meeting the distribution of a final dividend for the financial year 2025 of € 203 million (1.53 euros per share), to be paid in the first quarter of calendar year 2026. On July 16th, 2025, the Board of Directors approved the distribution of an interim dividend for the 2025 financial year, which was paid on August 28th and amounted to 74 million euros (€0.56 per share), aligned with the interim dividend paid in the previous year. Furthermore, the total dividend for the 2025 financial year will reach an amount of €277 million (€2.09 per share), equalling last year’s dividend and reaching a payout of 99%. E. Business Outlook14 Logista expects to record mid-single-digit growth in Adjusted EBIT during FY2026 compared to the figure obtained in FY2025. This expected growth excludes the impact of inventory valuation adjustments recorded in both fiscal years, as well as any new acquisitions that may take place during the period. In line with Logista's strategic plan, whose essential focus is to bring additional growth and diversification to the current business base, the Group continues to seek acquisition opportunities of complementary and synergistic businesses. Additionally, Logista is committed to providing return to its shareholders, and therefore the Company intends to distribute a total dividend per share for FY2026 of at least the same amount distributed during FY2024 and FY2025 (€2.09/share). 15 Investor Relations Contact: investor.relations@logista.com, + 34 91 481 9800 14 See appendix “Alternative Performance Measures.”
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Appendix Income Statement15 M€ 1 Oct. 2024 – 30 Sep. 2025 1 Oct. 2023– 30 Sept. 2024 % Variation Revenue 13,536 12,986 4.2% Economic Sales 1,809 1,757 3.0% (-) Operating cost of logistics networks (1,256) (1,206) (4.2)% (-) Commercial operating expenses (73) (67) (8.6)% (-) Operating expenditure on research and central offices (101) (98) (3.4)% Total Operating Costs (1,431) (1,371) (4.3)% Adjusted EBIT 378 385 (1.9)% Margin % 20.9% 21.9% -103 b.p. (-) Restructuring costs (5) (4) (19.1)% (-) Depreciation of assets acquired (61) (62) 0.5% (+/-) Profit/(loss) on disposal and impairment 6 5 8.2% (+/-) Profit/(loss) from equity-accounted companies and other 1 1 (42.5)% Operating Profit (EBIT) 318 326 (2.4)% (+) Financial income 73 103 (29.5)% (-) Financial expenses (10) (10) 5.6% Profit/(loss) before tax 382 419 (9.0)% (-) Corporate income tax (100) (111) (9.4)% Effective tax rate 26.3% 26.5% -12 b.p. (+/-) Profit/(loss) from discontinued operations 0 0 - - (+/-) Other income/(expenses) 0 0 - - (-) Non-controlling interests 0 0 116.2% Net Profit 281 308 (8.8)% 16 Investor Relations Contact: investor.relations@logista.com, + 34 91 481 9800 15 See appendix “Alternative Performance Measures.”
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Cash Flow Statement16 M€ 1 Oct. 2024 – 30 Sep. 2025 1 Oct. 2023– 30 Sept. 2024 Variation (M€) EBITDA 495 495 (1) Restructuring and other payments (7) (15) 8 Net financial income/(expense) 72 101 (30) Normalised taxes (114) (125) 10 Investment (54) (47) (7) Rent payments (76) (69) (6) Normalised Cash Flow 315 340 (25) Change in working capital 178 (63) 241 Effect of cut-off date on taxes (20) 1 (21) Divestments 12 16 (4) Company acquisitions (M&A) (3) (70) 67 Free Cash Flow 483 225 258 17 Investor Relations Contact: investor.relations@logista.com, + 34 91 481 9800 16 See appendix “Alternative Performance Measures.”
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Balance Sheet M€ 30 September 2025 30 September 2024 Property, plant and equipment and other fixed assets 485 484 Net long-term financial investments 34 32 Net goodwill 1,012 1,012 Other intangible assets 201 262 Deferred tax assets — — Net inventory 1,893 1,824 Net receivables and other 2,034 2,003 Cash and cash equivalents 2,648 2,464 Held-for-sale assets — — Total Assets 8,308 8,081 Shareholders’ funds 642 641 Non-controlling interests — — Non-current liabilities 237 246 Deferred tax liabilities 177 203 Short-term borrowings 62 81 Short-term provisions 7 10 Trade and other payables 7,182 6,900 Liabilities linked to assets held for sale — — Total Liabilities 8,308 8,081 18 Investor Relations Contact: investor.relations@logista.com, + 34 91 481 9800
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Alternative Performance Measures • Economic Sales: equivalent to Gross Profit; used interchangeably by Group Management to refer to the figure obtained by subtracting Raw materials and consumables from Revenue. Group management considers this figure to be a significant measure of the tariff revenue generated by distribution services that provides investors with a useful view of the Group’s financial performance.. M€ 1 Oct. 2024 - 30 Sept. 2025 1 Oct. 2023 - 30 Sept. 2024 Revenue 13,536 12,986 Procurements (11,728) (11,229) Gross Profit 1,809 1,757 • Adjusted EBIT: This indicator is basically calculated by discounting from EBIT costs that are not directly related to the revenue obtained by the Group in each period, which facilitates the analysis of the Group’s operating cost and margin trends. Adjusted EBIT is the main indicator employed by Group management to analyse and measure business performance. M€ 1 Oct. 2024 - 30 Sept. 2025 1 Oct. 2023 - 30 Sept. 2024 Adjusted EBIT 378 385 (-) Restructuring costs (5) (4) (-) Depreciation of Acquired Assets (61) (62) (+/-) Profit/(loss) on disposal and impairment 6 5 (+/-) Equity-accounted profit/(loss) and other 1 1 EBIT 318 326 • Adjusted EBIT Margin on Economic Sales: calculated as Adjusted EBIT divided by Economic Sales (or, interchangeably, Gross Profit). This ratio is the main indicator employed by Group Management to analyse and measure the trend in profits obtained from the Group’s ordinary business activities in a certain period. M€ 1 Oct. 2024 - 30 Sept. 2025 1 Oct. 2023 - 30 Sept. 2024 % Variation Economic sales 1,809 1,757 3.0 % Adjusted EBIT 378 385 (1.9) % Economic Sales Margin 20.9 % 21.9 % -103 b.p. 19 Investor Relations Contact: investor.relations@logista.com, + 34 91 481 9800
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• Operating Costs: this term comprises logistics network costs, commercial expenses, research expenditure and central office expenses that are directly related to the Group’s revenue in each period. It is the main figure used by Group management to analyse and measure cost structure trends. It does not include restructuring costs or depreciation charged on assets derived from the acquisitions, which are not directly related to the Group’s revenue in each period. Each segment’s operating costs exclude corporate centre expenditure, which is however included in the Group’s total operating costs so as to show the operating performance of each geographic area. M€ 1 Oct. 2024 - 30 Sept. 2025 1 Oct. 2023 - 30 Sept. 2024 Logistics network costs 1,322 1,270 Commercial expenses 73 67 Research expenses 2 2 Head office expenses 100 98 (-) Restructuring costs (5) (4) (-) Amortisation of acquired assets (61) (62) Operating Costs or Expenses in management accounts 1,431 1,371 • Non-Recurring Costs: This term refers to costs which may be incurred in more than one period but are not continuous over time (unlike operating costs) and only affect the accounts at a given moment. This figure helps Group Management to analyse and measure the Group’s business trends during each period. • Recurring Operating Costs: This term refers to costs incurred on a continuous basis that allow the Group’s business to continue and are estimated as total operating costs less the non-recurring costs defined in the previous point. This figure helps Group Management to analyse and measure the Group’s business efficiency. • Restructuring Costs: costs incurred by the Group to enhance operational, administrative or commercial efficiency in the organization, including those related to reorganization, lay-offs and the closure or transfer of warehouses or other facilities. • Non-Recurring Results: this refers to results for the year that are not obtained continuously during the year and affect the accounts at a given time. They are included in EBIT. 20 Investor Relations Contact: investor.relations@logista.com, + 34 91 481 9800
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Legal Notice This report has been prepared by Logista Integral, S.A. (“Logista” or “the Company”) for information purposes. It is not an offer or an invitation to buy, sell or exchange shares in the Company, nor does it provide advice or recommendations regarding such shares. This document contains certain statements that constitute or may constitute forward-looking representations about the Company, including financial projections and estimates, and related underlying assumptions. Such statements are no guarantee of future performance or results, are subject to risks, uncertainties and other significant factors outside the control of Logista, so that future events and final results may be materially different from those expressed in such statements. Risks and uncertainties include those identified in documents filed by Logista with various bodies that supervise the securities markets on which the shares are listed, and in particular, the Spanish National Securities Market Commission. Analysts and investors are advised not to rely on such forward-looking representations, which have been made based on information and knowledge available at the date of this report. The Company is not obliged to publish any updates or revisions of the representations made should they be affected by unforeseen changes or events, even if such changes or events clearly show that they will not be fulfilled. Finally, this report may contain unaudited or summarized information. This information is subject to, and must be considered in conjunction with, any information available in the public domain, including, if necessary, any other document issued by Logista Integral that contains more comprehensive information. 21 Investor Relations Contact: investor.relations@logista.com, + 34 91 481 9800