Logista reports 2026 revenue of €13,837 million and proposes final dividend of €211 million
Key Facts
Logista reported its fiscal 2026 results on 6 November, posting revenue of €13,837 million, up 2.2% from the previous year, for the year running from 1 October 2025 to 30 September 2026. Net profit was €282 million, up 0.3% from €281 million in 2025. The results showed a divergence between revenue and profit growth: adjusted operating profit advanced at a faster pace, while net profit growth remained limited. Economic sales, a measure the company reports separately from revenue, rose 1.7% to €1,840 million from €1,809 million. The economic sales margin also increased to 21.2% from 20.9%, a rise of 33 basis points. The results were published on the date set in the company's calendar for its fiscal-year results announcement.
Adjusted operating profit was €391 million, up 3.3% from €378 million, while operating profit fell 0.4% to €317 million from €318 million. The company said the improvement in economic sales covered its core activities in Iberia, excluding the effect of inventory revaluation, as well as its activities in Italy. It attributed revenue growth to increases in Iberia and Italy, which more than offset the decline in revenue in France. Iberia posted revenue of €5,387 million, up 4.4% from the previous year. Italy's revenue was €5,000 million, up 4.6%, while France's revenue fell 3.8% to €3,514 million. The figures show that growth in the first two regions offset the contraction in France at group level.
Iberia comprised Spain, Portugal, the Netherlands and Belgium, while the France segment included France and Poland following an internal reorganisation. Logista restated its fiscal 2025 figures to make the two periods comparable under this breakdown. In Iberia, pharmaceutical distribution revenue was €330 million, up 7.7%, while economic sales for the business reached €128 million, up 14.6%. The company linked the expansion to the addition of new customers and the signing of new agreements, as well as increased sales through pharmacy and hospital channels. The company also completed the sale of Logista Publicaciones on 30 April 2026, after receiving approval from Spain's competition authority. It said the year-on-year comparison is not fully like-for-like because the two periods cover different lengths of activity reporting.
Logista estimated the positive impact of changes in inventory value at about €36 million in 2026, compared with €45 million in the previous year. It linked this to higher tobacco prices in the three countries and changes in excise duties in Italy and France. Separately, net financial income rose to €71 million from €63 million, with the company saying that higher average cash balances offset lower average interest rates. The average treasury balance during the year was €2,294 million, compared with €1,985 million in the previous year. The company said inflationary pressures re-emerged in the euro area during the second half of its fiscal year, driven in part by higher energy prices. It also noted that the European Central Bank raised its three key interest rates by 25 basis points in September, taking the deposit rate to 2.50%, the main refinancing rate to 2.65% and the marginal lending rate to 2.90%, effective from 16 September.
The gross interim dividend for fiscal 2026 was about €77 million, or €0.58 per share, and was paid on 27 August, up 3.6% from the previous year. The company said total dividends for the year would amount to €288 million, or €2.17 per share, up 3.8% from 2025. The total includes the August dividend already paid, along with a proposed gross final dividend of €211 million, or €1.59 per share, which the board intends to submit to the general meeting. If shareholders approve the proposal, the final dividend is scheduled to be paid in the first quarter of 2027. For fiscal 2027, Logista expects mid-single-digit growth in adjusted operating profit compared with its 2026 result. The forecast excludes the impact of inventory valuation adjustments and any new acquisitions.