Logista (AO) | Reduce | Q3 preview: Expecting no major surprises in the quarter

Research evidence excerpt

Logista (AO) | Reduce | Q3 preview: Expecting no major surprises in the quarter

#EarningsPreview

Release date: 10 July 2026

Julian Megias

Equity Research Analyst

+34 914 36 52 00

jmegiasolmo@keplercheuvreux.com

ReduceLogista

Spain | Support services Beta Profile: MCap: EUR4.5bn

Target Price: EUR25.80 Bloomberg: LOG SM Reuters: LOG.MC

Current Price: EUR33.88 Free float 36%

Up/downside: -23.8% Avg. daily volume (EURm) 8.4

YTD abs performance 12.5% Market data: 09 July 2026

52-week high/low (EUR) 34.36/27.06

Q3 preview: Expecting no major surprises in the quarter

Key points:

Logista is due to release its Q3 2026 results on 24 July (FY ending in September).

Once again, we are expecting no major surprises in the quarter, with Adj. EBIT ex-POI is growing by mid-single-digit, leaving the

company well positioned to reiterate its FY Guidance driven by trends broadly similar to those of recent quarters.

POI should print lower than Q1/Q2, as expected, reaching EUR3-4m, after slight price increases in secondary tobacco brands

during the quarter. That said, an easy POI comp in Q3 25 implies the company should report decent growth on a reported basis.

Reporting date 21-July

Conference call No conference call

Dial in number N.A.

We expect no major surprises in LOG's Q3 results

We expect Logista to post slight ex-POI economic sales growth in Q3 (+1.7% YOY to c. EUR473m), reflecting an improving quarter

in Transportation (c. EUR196m, +2% YOY), with Tobacco also posting slight growth (+2% YOY to c. EUR267m) supported by Italy's

NGP volumes. We also expect Pharma Distribution to grow in line with recent quarters (c. +6% YOY to c. EUR30m).

We believe this should translate into mid-single-digit Adj. EBIT growth ex-POI in the quarter, which we estimate at c.EUR93m