Letter from the chairman

Dear shareholders,

In fiscal year 2024, Logista demonstrated its resilience in the face of a complex macroeconomic environment. We successfully executed our strategy of growth, diversification and internationalisation, reaffirmed through the integration of recent acquisitions.

We have continued exploring acquisitions of complementary businesses with which we could create synergies, finalising the acquisitions of SGEL Libros and Belgium Parcels Service (BPS) and acquiring the remaining minority stakes of Transportes El Mosca and Speedlink, completing 100% ownership of all of them.

These transactions are furthering our strategy of diversification. Thanks to this, we have managed to reduce our dependence on the tobacco sector by increasing the financial contribution of our other
business lines, in keeping with the objectives set out in our strategic plan. Fiscal year 2024 reflects the expansion of our capacity, the access to new regions, and the creation of greater synergies. As a result, we have grown, both in terms of operations and our client base.

All of this has resulted in excellent financial results, with net profit up 13% and a 4% increase in sales, taking us to € 1,757 million.

In terms of corporate governance, Logista is guided by the best practices for listed companies and the recommendations of regulators and other stakeholders. During this period, we updated the rules and regulations governing the board and its committees, thereby improving governance. Examples include, reducing the term limit for board members to three years, and preventing anyone from chairing both the board and one of the committees.

We have therefore launched a three-year sustainability plan backed up by our sustainability policy and the new system of corporate governance introduced in the previous financial year.

This plan sets out ambitious environmental targets. To encourage the decarbonisation of transport and the use of more efficient vehicles, we are renewing our goal of increasing the kilometres rolled by a sustainable fleet, setting a new target for 2026 of reaching 90%. We are also encouraging the use of biofuels to reduce emissions per trip by up to 90% compared with traditional fuels. With regard to the circular economy, we aim to have 33,800 points of sale signed up to recycling schemes for new-generation products by 2026.

Looking at the social action, undertaken by Logista, the company reinforced its commitment to the social and professional integration of vulnerable groups through a number of agreements signed with foundations and associations. Prominent examples of these include the Red Cross, the Once Foundation and Integra Foundation, among others. Furthermore, the number of people with disabilities working with us also increased by 16% during the last fiscal year.

With regards to diversity, the plan commits us to increasing the number of women in senior and middle management to 30%.

Another key matter of governance covered by the sustainability plan is evaluating the ESG credentials of our main suppliers.

I would also like to underscore how important transparency and compliance are for Logista. This is demonstrated by our latest certifications, which guarantee that our compliance system adheres to the highest standards. The Quality Assessment Review certificate that we received from the Institute of Internal Auditors (the IAI by its Spanish abbreviation), for example, is a testament to the excellence of our internal audit process, which plays a crucial role in risk identification and mitigation and the continuous improvement of our business processes.

This year, we also received the compliance certification. Alongside the certifications already awarded to us for legal compliance, anti-bribery and our management of whistleblowing channels, this acknowledgement demonstrates how the values of transparency and integrity permeate everything we do.

Also worthy of mention are the awards and ratings from national and international bodies that attest to the company’s commitment to sustainability.

For the last eight consecutive years Logista has maintained its place on the CDP’s leadership category, which recognises global leadership in the fight against climate change. Our company is the only European logistics company to make the list in this category in this period.

On corporate social responsibility and corporate governance, Sustainalytics awarded Logista an ESG risk rating of 16.5, considering us to be at low risk of financial impact from ESG factors. On the MSCI index, which ranks companies on a scale of AAA to CCC, Logista received an A rating, and we were awarded a bronze medal from Ecovadis, placing us in the top one percent of companies in our industry based on environmental criteria. In relation to ESG, it is also worth pointing out that we have been part of the FTSE4Good IBEX Index since 2016.

We are especially proud of our achievements in terms of diversity and inclusion. These achievements have been recognised by various indexes, with the Financial Times, for example, including Logista in its Diversity Leaders ranking for the fourth consecutive year, placing us as one of the most inclusive companies in Europe. We also continue to be included on the Bloomberg and IBEX Gender Equality Indexes, which look at diversity within companies.

Another important point worth mentioning is that the value of the Logista brand was recognised by Interbrand in its 2023 Best Spanish Brands report. Similarly, we were listed by Merco as one of the 200 companies with the best reputation in Spain. These achievements are the result of our work in branding and brand positioning, reflecting our commitment to achieving excellence in corporate communications and building our corporate identity.

In the pages that follow, you will find an overview of Logista’s achievements and the activities it engaged in during the period. This report is complemented by the financial statements, the corporate governance report and the remuneration report. These can also be found on our company website and in the National Securities Market Commission (CNMV) website.

With the backing of our shareholders, we will continue achieving successes and forge ahead with our diversification strategy. This will allow us to maintain our position as industry leaders and continue expanding within the markets in which we operate.

My heartfelt thanks to you, our shareholders, as well as the entire team at Logista, for your support.

Kind regards,

Luis Isasi Fernández de Bobadilla