Letter from
the CEO

Dear shareholders,

In 2024, Logista continued to pursue its strategy of diversification, growth and internalisation, making significant headway on integrating the acquisitionsmade in previous years. This report provides a summary of our activity in this financial year, a year in which we once again saw growth, despite a complex and uncertain geopolitical and macroeconomic environment.

In rolling out our strategy, we continued to seek opportunities to acquire companies that will bring business synergies. According to this objective, Logista Libros completed the acquisition of SGEL Libros allowing us to reaffirm our position as the largest independent book distributor in Spain.

We also grew internationally with the acquisition of Belgium Parcels Service (BPS), a company specialising in express parcel shipping, primarily of temperature-controlled pharmaceuticals to hospitals and pharmacies in Belgium, Luxembourg and the Netherlands. This complements our 2022 purchase of Speedlink which allowed Logista to expand into the Netherlands market, the country with the highest number of B2B distribution centres in Europe. In May, and in line with existing agreements, we also acquired the remaining 30% of Speedlink, thus owning the whole company.

Finally, in July we completed the acquisition of the remaining 26.67% of Transportes El Mosca, in line with contractual agreements. Thanks to this transaction Logista has consolidated itself as one of the leading Spanish logistics companies, particularly in full-load temperature-controlled freight haulage in the south of Europe.

I would also like to take this opportunity to highlight some milestones, and the solid performance registered by Logista’s businesses.

Beginning with long-haul transport, work continued to improve route optimisation between Transportes El Mosca and Logista Freight, including for maritime forwarding services. With respect to sustainability, Logista Freight has been promoting the Logista HVO 24 Plan, aimed at encouraging the use of renewable fuels and considerably reducing our carbon footprint per trip.

At our Parcel division, software was introduced to manage the process of replenishing stocks of pharmaceutical products and delivering them to patients at home. Progress has also continued to be made on integrating Carbó Collbatallé with Logista Parcel.

Finally, at our courier division, Nacex launched a new service offering precise thermal control for temperature-controlled deliveries for the pharmaceutical and hospital sector.

Turning to the tobacco sector in Spain and Portugal, cigarette volumes distributed remained stable compared to 2023. This includes the decline in the volume of traditional cigarettes in Spain of (0.6)%, which was partially offset by an improvement in traditional tobacco volumes in Portugal and next-generation product volumes in Spain and Portugal.

Our Retail and e-commerce division introduced new services for tobacconists, expanding, for example, digital content products and adding international phone top-up services, among others.

In relation to pharmaceutical distribution, Logista Pharma has continued to introduce new services for our clients, such as a new service administering medicines to patients at home, provided in addition to the home delivery service for medicines that we already offered pharmacies in hospitals and health centres.

All these operations were carried out in compliance with the strictest security standards, including those of the Transported Asset Protection Association (TAPA) and International Featured Standards (IFS), as well as good distribution practice (GDP) guidelines.

Looking beyond the Iberian Peninsula, tobacco distribution in Italy saw total volumes increase by 1.1%, , including the decline in traditional tobacco of (0.2)%, which was offset by the significant increase in the distribution of new-generation products, notably heated tobacco.

In the retail sector in Italy, a new recycling scheme was launched for e-cigarettes and other devices. Recycle-CIG, introduced alongside the Ministry of Environment and Energy, allows people to recycle such devices, which can now be disposed of in special boxes at tobacconists, as part of a recycling chain wholly managed by Logista. At the close of the financial year, close to 29,500 tobacconists across the country had signed up to the scheme.

In relation to pharmaceutical distribution in Italy, 2024 was the first full year of operations for Gramma Farmaceutici, which has now been rebranded as Logista Pharma Italia.

Tobacco distribution in France, meanwhile, continued to see a sharp drop in volumes, declining a further (10.7)% compared to the year before. The French government has continued with its strategy of increasing tobacco-related taxes, with tobacco manufacturers reacting to this by increasing retail prices.

In the retail segment in France, Strator has continued to expand by offering a personalised space service to the customer, which already has more than 5,000 tobacconists adhering to this new service. As in Italy, the initiative to recycle tobacco devices has been launched, although its implementation is very recent.

Logista posted net profit of €308 million in the 2024 financial year, up 13% year on year. At 1,757 million euros economic sales, were up 4% on the year before, while our adjusted EBIT grew by 5% to 385 million euros.

Notable among these results is the significant profit on inventory ecorded, totalling €35 million, as well as the considerable net financial revenues generated by the high interest rates in force over this period, amounting to €93 million.

In response to the expected decrease in interest rates, in February, Logista renegotiated the terms of its loan with Imperial Brands, setting up two tranches, one with a fixed interest rate, thus hedging against downside risk, and a second variable tranche linked to the six-month Euribor rate.

Finally, I would also like to highlight Logista’s strong performance on the stock market in FY2024, with the share price increasing by 12%, having reached a new all-time high on 12 September of €28.00per share.

These results encourage us to continue working in line with our strategic plan and with the objective of introducing additional growth and diversification to our current business base. We will continue to seek out opportunities to acquire complementary businesses which we can establish synergies with and to maximise these synergies when integrating acquisitions, while at the same time we continue promoting organic growth. In any event, the company will continue to prioritise the same dividend policy applied to date, with the firm goal of delivering value to our shareholders.

I invite you to now read this integrated annual report, which provides details on our activity over the year, and the positive results that we have achieved, in addition to non-financial information, with special emphasis on sustainability and corporate governance.

Finally, I would like to acknowledge the efforts of all our Logista employees in 2024, who have once again demonstrated their commitment and loyalty to the company. I would also like to thank our clients, shareholders and investors — and rest of collaborators who cooperates and work with Logista each year — for their trust and support.

To you all, my most sincere gratitude.

Íñigo Meirás