Economic Sales reached €867 million, which represents a 4% growth Y-o-Y

Logista has partially covered interest rate risk in its credit line with Imperial Brands

Madrid, 8 May 2024

Logista, one of the leading logistics operators in Europe, has announced its results for the first six months of fiscal year 2024, in which it has earned net profit of €160 million, or a 27% growth compared to the previous year. The adjusted EBIT experienced a growth of 5%, reaching €193 million.

Regarding Economic Sales, the company registered €867 million, a 4% year-on-year increase, while Revenues also grew by 4% compared to the same period of 2023, up to €6.206 billion.

During the semester, Logista has updated the conditions of its reciprocal credit line with Imperial Brands in order to partially cover the risk of interest rate variability over the next three years. The agreement structures the credit line with Imperial Brands into two tranches: one at a fixed rate and the other at variable rate. The first tranche of up to €1 billion, will be paid at a fixed market rate of 2.865% plus a 0.75% margin, adding up to a total of 3.615%, while the second tranche, up to a maximum of €3 billion, will have a variable rate of Euribor 6 months, plus the same 0.75% spread.

Results by region

Iberia

Economic sales in Iberia reached €569 million, which represents a 4% increase compared to the same period of 2023. In terms of adjusted EBIT, the company recorded €109 million, which translates into a 4% Y-o-Y growth.

Italy

In Italy, economic sales reached €190 million, or a 7% increase over 2023. In addition, the company increased its adjusted EBIT by 8% to reach €54 million.

France

Lastly, economic sales in France amounted to €111 million, or 0.4% less than in the same period of 2023, mainly due to a reduction in the volume of tobacco distributed, although this has been partially compensated with a rate increase and a positive impact on stock revaluation. In terms of adjusted EBIT, Logista registered €31 million, or a 6% growth Y-o-Y.

New acquisitions and perspectives

Throughout this period, Logista Libros formalised the acquisition of SGEL Libros, and the company also acquired Belgium Parcels Service (BPS), a business specialising in urgent pharmaceutical distribution in Belgium and Luxembourg.

Iñigo Meirás, CEO of Logista, highlighted that “we continue to make progress in our diversification and value creation strategy after adding two new transactions in this semester. As part of Logista’s new trajectory, we continue to surpass the 50% threshold in sales non-tobacco related, which we reached for the first time at the end of last year.”

The company will continue its sustained expansion throughout 2024, estimating a mid-single-digit growth in adjusted EBIT compared to 2023, excluding any stock revaluation.

> Lea la Nota de Prensa en español

> Read the Press Release in English