Logista Integral Stock

Good morning, everyone, and welcome to Logista's First Half 2026 Results Presentation. I'm Isabel Troya, Head of IR at Logista. Today, Pedro Losada, our CFO, will walk you through the results for the period. Following the presentation, we will hold a Q&A session to address the questions submitted through the platform. You may submit your questions at any time during the presentation.

Now Pedro will proceed with the results. Pedro, if you may?

Thank you, Isabel. Good morning, everyone, and thanks to all joining us today. I would like to highlight 4 key takeaways from our first half 2026 results.

First, we delivered a solid underlying performance across our main activities in Iberia and Italy, excluding the profit on inventory effect, which was exceptionally high in 2025. In particular, Pharma recorded a positive performance, while tobacco in Italy and Iberia also showed a resilient performance once the profit on inventory effect is excluded.

Second, excise tax increases in France and Italy led to a subsequent retail price increases. In Spain, retail price also increased despite no changes in excise duties. All good together, these price movements resulted in a total profit on inventory of EUR 32 million for the period.

Third, the semester took place in a complex macroeconomic environment, which I will address in more detail in the following slides. And finally, we maintain our strong commitment to ESG, continue to make progress on our sustainability agenda '24-'26. I will now walk through these key highlights in more detail.

Turning to financial performance. Revenues reached EUR 6.6 billion, up 3%. Economic sales were EUR 904 million, down 1% and adjusted EBIT reached EUR 195 million, down 4%. This decrease in economic sales and adjusted EBIT is mainly explained by a lower contribution from inventory revaluation gains, which totaled EUR 32 million during the semester compared to EUR 46 million recorded in the same period last year. Lastly, net profit was EUR 136 million, representing a 10% decrease year-on-year, mainly due to the decrease in profit on inventory just mentioned and the lower financial income for the period. Finally, looking at economic sales by region, Iberia delivered EUR 583 million, Italy, EUR 222 million and France, EUR 102 million. Later on, we will dive deeper into each of the regions.

During the period, excise tax and retail price increases were implemented, particularly. In Spain, there were no changes in excise taxes. However, the main manufacturers increased retail prices by EUR 0.25 per pack. In Italy, excise duties increased by approximately EUR 0.10 per pack, followed by retail price increases of EUR 0.20 to EUR 0.30 per pack implemented by manufacturers. Finally, in France, the government continued its policy of increasing tobacco taxation to consumption, albeit at a much more moderate pace than in previous years.

The average excise tax increase amounted EUR 0.07 per pack. Manufacturers implemented retail price increases up to EUR 0.50 per pack, aimed not only at offsetting the excise tax increase, but also covering the new eco tax on cigarette filters. This tax paid directly by the manufacturers represents approximately EUR 0.13 per pack and is intended to fund the collection and cleanup of cigarette buts classified as single-use plastic waste. Overall, these movements resulted in an inventory profit of approximately EUR 32 million for the period.

Let me now turn to the macroeconomic context. The current environment shaped by geopolitical tensions between the United States and Iran presents both risks and opportunities for the logistics sector and particularly for Logista. On the risk side, high oil prices could put pressure on logistic costs. However, we largely mitigate this exposure through fuel cost pass-through clauses with most of our clients. While these mechanisms are effective, there may be temporary timing effects depending on contractual implementation. In addition, government grants and support measures have to partially cushion the impact to fuel prices increases. Further risk is linked to a potential escalation in macroeconomic uncertainty, which could lead to higher inflation and potentially affect demand.

On inflation, similarly to fuel costs, we have inflation adjustments clause with our largest clients against with possible short-term timing effects. As regards to demand, our business remains predominantly exposed to tobacco and pharmaceutical products, which have historically proven resilient to macro cycles. In more cyclical areas such as food distribution, we have not seen a slowdown in demand to date. This is also some -- there are also some exposure to our sea freight activities. The current geopolitical situation has led shipping companies to introduce surcharges rapidly, increasing container costs. However, typically in these segments, higher freight rates do not generally pressure margins and in some cases, can even result in higher margins per transfer for logistic operators.

Furthermore, sustained macroeconomic uncertainty and inflationary pressures could lead to higher interest rates. Even in this context, rising rates would represent an opportunity for Logista as we would benefit through our credit line agreement. Having said that, we need to take into consideration the full length of the conflict to assess the potential impact Logista may have resulting from the macro situation.

Turning to sustainability. Let me brief -- highlight the progress made under the 2024-2026 sustainability plan. On the environmental front, we remain firmly focused on decarbonization our fleet and transportation services account for 96% of our total emissions, a key lever in the progressive shift towards Euro 6 vehicles, which are more efficient and less polluting. During the semester, 87% of total kilometers were traveled using Euro 6 vehicles, keeping us well on track to reach our 90% target by 2026.

In circular economy, we continue to expand our NGP device recycling program through the installation of dedicated collection boxes in tobacconists and the end-to-end management of the recycling process. The program is active in all 3 countries with Spain and France still in the ramp-up phase. To date, boxes have been deployed in nearly 37,000 points of sale, comfortably surpassing our 2026 target. On the social side, diversity remains our core pillar of our strategy. We set a target of 30% female representation in the upper and middle management by 2026, a level we have already exceeded, reaching 31%, and we remain committed to sustaining this progress. We are -- we also continue to uphold our KPI of 50% female representation in selection processes among final candidates.

From a governance perspective, we are further strengthening the data protection awareness initiatives and reinforcing our cybersecurity governance framework across the group. Finally, we are already working on the next sustainability plan for 2027, 2030, which will define the next phase of our ESG road map and ambition.

I will now give you some more details on each of the countries. Starting with Iberia, our largest market, economic sales declined by 3% to EUR 583 million, while adjusted EBIT also decreased by 3% to EUR 104 million. Both declines are mainly explained by a lower contribution from profit on inventory compared to last year. Looking at the different segments, in tobacco, total volumes in Spain and Portugal declined by 1.2% year-on-year. This reflects a 2% decrease in traditional cigarette volumes in Spain, which was partially offset by growth in traditional tobacco roll-your-own and NGPs in Portugal.

During the period, we recorded EUR 24 million on profit on inventory driven by retail price increases in Spain compared to EUR 34 million last year, which explains most of the year-on-year variance. In parallel, we continue making progress in our recycling initiative with close to 1,500 tobacconists in Spain already participating in the program.

In Transport, the Long Distance segment continues to execute the optimization program at El Mosca, focused on cost reductions and customer mix improvement. Activity was impacted by a delayed fruit season, swine flu affecting international maritime traffic and to some extent, higher fuel prices linked to the Iran conflict discussed earlier. The Industrial Parcel business delivered solid and sustainable growth with higher delivery volumes offsetting the weaker performance of Carbo, which is still undergoing its optimization. In Courier, we delivered a very strong performance in Spain and Portugal with high single-digit growth, further supported by good momentum in the Netherlands.

In Pharma, economic sales grew by 8%, supported by a new laboratory agreements, expanded services with existing clients and a strong performance in the pharmacy channel. Finally, in the Publication business, we recorded a decline in distributed volumes. We are currently in the process of selling this business, having already received the CNMC approval, and we expect to announce the completion in the coming months.

Turning to Italy. Economic sales reached EUR 222 million, representing a 4% year-on-year increase, while adjusted EBIT declined slightly by 1% to EUR 67 million. This decrease is mainly explained by a lower contribution from profit on inventory compared to last year. During the period, total tobacco volumes declined by 0.9%, driven by a 2.5% decrease in traditional tobacco, which was partially offset by growth in roll-your-own and other categories, in particular, heated tobacco units delivered healthy growth.

Following the government's excise tax increase, manufacturers raised retail prices, which helped mitigate the impact of the higher taxation. As a result, we recorded a EUR 4 million in profit on inventory compared to the EUR 9 million in the previous year, explaining most of the year-on-year variance. In convenience distribution, our recycled cigarette initiative continues to gain traction with over 31,000 tobacconists across Italy now participating in the NGP device recycling program. Finally, in pharmaceutical distribution, our continued commercial efforts delivered double-digit growth in economic sales, driven by organic expansion through new laboratory contracts and renegotiations with existing clients.

Turning to France. Economic sales declined by 3% year-on-year to EUR 102 million, while adjusted EBIT fell by 12% to EUR 24 million, reflecting the decline in tobacco volumes in the market. As in Italy, the French government implemented further excise tax increases, which were followed by a EUR 0.50 per packing price increase by tobacco manufacturers. These measures result in a positive impact on inventory valuation of EUR 5 million, slightly above the EUR 4 million recorded last year. Tobacco volumes distributed in France declined by 7%, continuing the trend of faster volume contraction compared to Spain and Italy.

In convenience products, we continue to see growth in electronic transactions, particularly in e-money and recharge cards. In parallel, adoption of our Strator point-of-sale solution continues to expand with more tobacconists integrating both software and hardware, enhancing their device offering through more personalized features. Finally, our NGP device recycling initiative in France continues to scale with almost 4,000 tobacconists now participating in the program.

After giving you details on each region, we will move into consolidated figures for the period. Total adjusted EBIT for the semester amounted to EUR 195 million, representing a 4% decline year-on-year. This decrease was primarily driven by a lower contribution from profit on inventory compared to last year. This lower inventory revaluation also explains the 1% decline in economic sales over the period. Reported EBIT reached EUR 159 million, down 9% year-on-year. This figure includes EUR 5 million in restructuring costs compared with EUR 2 million last year as well as a EUR 1 million impairment related to the assets of the publication businesses. These items compare negatively with the EUR 3 million capital gain recognized in the previous year from the sale of certain assets in Spain.

At the bottom line, net profit decreased by 10% to EUR 136 million, mainly reflecting a lower contribution from profit on inventory and weaker financial results during the period. Financial income declined to EUR 32 million compared to EUR 34 million last year. The average reference rate for the period stood at 2.48%, plus a spread of 75 basis points versus 3.03% plus the same 75 basis point spread in the previous year.

Partially offsetting this effect, the average credit line balance increased to EUR 1.9 billion from EUR 1.7 billion last year, driven by improvements in excise tax payments terms in Italy and VAT payments conditions in France. Besides, despite the decline in profit before tax, taxes increased slightly, reflecting a higher effective tax rate, mainly due to temporary special tax on large companies set in France. Earnings per share for the period amounted to EUR 1.03 compared to the EUR 1.14 in first half 2025.

EBITDA for the period reached EUR 251 million, down 4% year-on-year, mainly reflecting the lower contribution from profit on inventory. Financial income amounted to EUR 32 million, slightly below last year due to the lower interest rates during the period, partially offset by a higher average balance on the credit facility. Restructuring and other costs totaled EUR 5 million, while normalized tax payments amounted to EUR 57 million. CapEx reached EUR 24 million, mainly related to warehouse improvements, sorters, digitalization projects and maintenance investments. Lease payments totaled EUR 33 million (sic) [EUR 38 million], and we closed the period with a normalized operating cash flow of EUR 157 million. Finally, free cash flow was negative at EUR 536 million, an improvement compared to the negative EUR 585 million recorded last year.

Now let me walk through you the final remarks and outlook for the year. To summarize, first, our financial performance during the period was supported by operating results and a solid contribution from profit on inventory, albeit a lower level compared to the exceptionally high contribution recorded in 2025. Second, as I have mentioned previously during the presentation, Logista has a defensive business with different measures that help mitigate the current macro environment. Third, we remain firmly committed to ESG, executing our ambitious plan through the 2024-'26 sustainability plan. And finally, we continue to deliver a sustainable and balanced shareholder remuneration.

Looking ahead to the remainder of fiscal year 2026, we reiterate our guidance and expect adjusted EBIT, excluding profit on inventory to grow at a mid-single-digit rate. This growth will be supported by continued strength of our core businesses and disciplined cost management. We remain committed to our diversification strategy, actively pursuing small and midsized acquisitions that strengthen our geographical footprint and broaden our business portfolio. Finally, we reaffirm our commitment to shareholder remuneration and therefore, intend to distribute in 2026 at least the same dividend as in 2025.

Now we will proceed with the Q&A session. Isabel, please, if you may.

Okay. Thanks for the presentation. We will now continue with the Q&A session going through the different questions sent throughout the platform. The first question comes from Francisco Ruiz, BNP Paribas.

My first question is on Transport business. We have seen a decline in sales as a result of the new approach at El Mosca, although margins are still low and below Q1's Iberia ex POI. How do you expect the following quarters to work? The second is taking into account the delay of the passing through of oil at current oil levels, what could be the short-term impact of the coming quarters? If there is any further escalation of prices, could this put at risk full year '26 despite you recovered in 2027?

Thank you, Francisco, for your question. Let me go through both of them. On your first question, yes, the decline in sales as a result of El Mosca, it impacts on the margin. However, 2 things to take into account. First one is when you compare Q2 versus Q2 last year, we have an improvement of margin. And when you compare Q1 2026 versus Q1 2025, there's also an improvement in the margin. Having said that, and over the last few years, typically, Q1 has a bit better margin from seasonality reasons in Q1 rather than in Q2, but the trend is improving. And of course, with the implementation of all the measures in the transportation business, including El Mosca, we will expect to keep on improving on this margin in Iberia.

On your second point with respect to the oil impact, it's true that, you know, we explained in the presentation how we are mitigating the impacts from one business to another. Sometimes we have the contractual protections. We have some timing issues. Sometimes we have a clear and quick pass-through of these costs. But to your point, it's true that, for example, in the tobacco business, we are recovering any deviation on this on the first year of the next natural year, so on January 1.

Is that put at risk 2026? Well, the answer, I believe, is no, but it depends on how we'll evolve the situation. As we said in the presentation, this is taken into consideration with the information that we have today. I think that we are reaching actually, as we speak, $123 on Brent prices, probably the peak level that we have seen since the conflict started. So we need to follow the situation. But as of today, we can have some impact, not naturally impacted the results of 2026 Logista. Thank you.

Thank you, Pedro. Next question comes from Juan Ros of ODDO.

POI expected for H2? And is Italy performance sustainable? Is the market structurally improving?

Thank you, Juan. Well, POI, basically the main positive impact we have already seen that into the first half of the year as typically it is. However, it is public that, for example, in Italy, there's a price revision of one of the top manufacturers with EUR 0.19 on cigarettes and roll-your-own EUR 0.15 up, and that could have a positive impact in our POI for the rest of the year. But we shouldn't expect much more impact for the rest of the year.

And with respect to Italy, well, they are really good results. One of the particularities of Italy is the wave of the new generation products, particularly heat-not-burn in the market. So reaching levels of 22%, 24% is probably one of the top markets in terms of penetration, and that is helping to offset the decline on traditional cigarettes. So all in, it's like a minus 1% versus last year. And besides, as I said, not only -- I mean, heat-not-burn, also new generation products are having a very positive impact in the last few years on e-cigarettes, in this case, on more in the distribution of Logista and retail in Italy is having also a very good and positive impact that is helping this level of results from Italy.

Thank you, Pedro. The next question is from Javier Rafael de Heredia.

Could you tell us more about the distribution services to manufacturers in the Netherlands? Do you distribute heated tobacco to tobacconist or just the devices? What are your future expectations for this service?

Thank you, Javier. Well, we started with this distribution a couple of years ago. We started with one of the big manufacturers making all the logistics, the primary one increasing on POS, points of sales, we started with a few. Now we are roughly in 1,500 points of sales of distribution and including more manufacturer. We have 3 out of the top 4. And yes, we are distributing heated tobacco and devices, still low volumes over there, but we are aiming to keep on growing on points of sale distribution and keep on growing with additional logistics services to provide to our clients as we do in all of our countries.

Our next question is from Philippe Lorrain from Bernstein.

What kind of tax rate would you expect for full year '26 and beyond after the increase in Q1, which you have said was driven by France?

Philippe, in terms of the evolution of tax rate, we are expecting the same levels as we have seen in the first half.

Next question is from Julian Megias, Kepler.

Two questions from my side. One, NGP products volumes in Italy slowed this quarter to mid-single-digit growth. What are the margin reasons -- main reasons behind? What's your outlook for the segment? Second question is, are you planning any measures to tackle the margin deterioration in France's tobacco business? Would you be willing to reduce capacity? And three, what drove the strong positive working capital in Q2?

Okay. Julian, thanks very much. Well, the NGP products, as I said, in Italy, is keep on growing quite on a healthy pace. Sometimes and depending more on the evolution of the e-cigarettes, you can -- you may have in the quarters a different evolution, but the positive trend is already there, particularly on H&B. It's a continuous growth in both tobacco and a little bit less in devices. But the outlook is, as I said before, with respect to Italy is maintaining the same level of penetration of NGPs in the market. We have to offset the decline on traditional cigarettes. So the outcome for us is positive for the rest of the year.

With respect to the deterioration of the French tobacco business and how we tackle this deterioration, well, we have advanced and communicated several times. We have advanced several times that on the French situation, we are really conscious about the volumes declines. Remember that the way the French administration wants to fight against tobacco consumption, it's with excise taxes and getting higher and higher. And that will have had an impact on the tobacco consumption for sure, unless the one that is official as you have hear from us many times, we also detected that the illicit and illegal tobacco consumption is keep on growing and is close probably to something around 38%, 40%.

Now from Logista point of view, we also make all the decisions to protect the results from an operating point of view, trying to control costs, trying to increase from a revenue point of view, our services to either tobacconists or manufacturers as well as control from a warehousing personnel perspective, as you saw in the last few years, including a closure of a big warehouse. We keep on following closely our chances to maintain a positive evolution on the operating result plus containing the cost.

But bear in mind that the more -- the higher excise tax also has an impact on our ability to manage a higher cash, which has a positive impact on the financial revenue. So it's fair also not only to take into consideration the deterioration of the volumes and how that impact on the operating result, but also the final impact of the French business in the net profit of Logista. And with respect to the working capital, I think that I mentioned before, but it's the normal trend on -- from quarter-to-quarter. So again, quarter -- Q1 a little bit better than Q2. If you compare with Q1, Q2 with respect to last year, there's an improvement of 100 basis points and the same trend than previous years.

Next question comes from JB Capital.

Can you provide a bit more details on the ongoing M&A conversations? What assets are you looking at? Can we expect some M&A to happen in this fiscal year?

Thank you, Joaquin. Yes. Well, we work a lot to execute our strategic inorganic growth plan. We are working in several opportunities as we have done in the past. So the point is that in this particular sector, there are plenty of opportunities all around our geographies and subsectors of the logistics, and we have plenty of opportunities to analyze. At this point, we look at opportunities in sectors like pharma, like temperature control.

As we mentioned several times, maybe if we have the chance to go for opportunities on the tobacco business, we analyze also as well. But we keep on analyzing the appropriate one that provides the levels of return that Logista is aiming to reach in each of the M&A opportunities that we have on the table and having the synergies that we are expecting in each of the transactions. But probably it's difficult to see in this fiscal year some M&A to happen, but we are working hard to get things done as soon as possible.

Thank you. There is another question relating to M&A, which we have just answered, and there are no further questions in the platform. Should you have any more questions, we're happy to attend you at our general e-mail of [email protected]. And thank you very much all for attending our conference call.

Good morning, ladies and gentlemen. I am pleased to welcome you once again to Logista's Annual General Meeting. Thank you for attending this AGM. We trust that the remote voting mechanisms that have been made available as well as the real-time broadcasting of this AGM will enable all shareholders, who are not present in person, to adequately follow the progress of the meeting. We start the meeting, and I now give the floor to the AGM Secretary.

Thank you very much, Mr. Chairman. In compliance with legal formalities, it is hereby stated that at the company's registered office, located at Calle Trigo, 39, Leganes, at 12:00 p.m. On February 4, 2026, the Annual General Meeting of Logista Integral Sociedad Anonima is held on first call as convened by the Board of Directors on the 10th of December 2025.

The announcement of the call to the meeting was published on December 18, 2025, on the company's website, www.logista.com, in the newspaper [ La Razon ] and on the website of the CNMV, the National Securities Market Commission through the relevant disclosure of other relevant information. Additionally, it is stated for the record of the announcement of the meeting, the proposed resolutions and the documents and reports presented to this AGM have been continuously posted on the company's website from the date of their publication until today.

The agenda for the meeting, an extract of which you can see on the screen right now is included both in the aforementioned announcement of the meeting and on the attendance card in your possession. And therefore, if no shareholder objects, we shall deem the agenda to have been read for all purposes.

It is also stated for the record that no alternative proposals for resolutions on the items already on the agenda have been submitted, nor have any requests for information or clarification been received from shareholders prior to the meeting.

The panel of the Board is formed by Mr. Luis Isasi Fernandez de Bobadilla acting as Chair of the Board of Directors and as Chair of the Annual General Meeting; by myself, Maria del Ona Lopez, acting as Non-Executive Secretary of the Board of Directors and Secretary of the AGM; by Mr. Inigo Meiras Amusco, acting as CEO; and by the Board members, Mr. Gonzalez; Mrs. Lefevre; Mr. Marciniuk; Mr. Massie; Mrs. Paz-Ares; Mrs. Platero; Mrs. Ramsey; Mrs. Ruiz and Mr. Staunton. Also in attendance is Mrs. Maria Dolores Pena Pena, notary, public of Madrid, who has been requested to attend and draw-up the minutes of the meeting in accordance with the provisions set out in the Spanish company law.

Finally, it is hereby stated that the company's share capital amounts to EUR 26,550,000 and is represented by 132,750,000 ordinary shares with a par value of EUR 0.20 each fully subscribed and paid up all of the same class and series. Each share confers the right to one vote at the general meeting except for treasury shares.

Next, the Secretary will provide you with the attendance quorum data for the meeting. The summary of the list of attendees that provides the legal and statutory quorum required to hold this AGM is as follows: the shareholders attending in person are 135, holding [ 67,560,965 ] shares that account for 50.85% of the company's share capital. The shareholders attending by proxy are 680, holding 34,293,999 shares, accounting for 25.83% of the company's share capital. In total, this AGM is attended by 850 shareholders holding 101,800,964 shares, accounting for 76.69% shares of the company's share capital.

It is also hereby stated for the appropriate purposes that among the shares in attendance, the 729,329 treasuries of the company itself have been counted -- taken into account, which are to be counted for the purposes of calculating the attendance quorum pursuant to the applicable legislation. Quorum data will be published on the company's website at the end of the meeting.

In accordance with Articles 193 and 194 of the Spanish Company Law and pursuant to the company bylaws and the AGM regulations, all the necessary legal requirements are fulfilled to declare this general meeting to be validly convened on first call and to vote on all the items set out in the agenda.

Thank you, Ms. Secretary. In view of the attendance data, the Ordinary Annual General Meeting of Logista Integral S.A. is declared to be validly constituted on first call. I now give the floor to the notary public.

Thank you very much, Mr. Chairman. I now address the shareholders attending this AGM to ask them if they have any reservations or objections to the statements regarding the number of shareholders or the share capital in attendance. No reservations or objections are conveyed. Thank you very much.

Thank you, Mrs. notary public. Now the shareholders who may wish to take the floor after my speech and the CEO's report are kindly requested to ask the staff at the back of the room for the form to be filled in for that purpose. After the speeches, questions will be answered as [ much ] as possible, and those that cannot be answered about time will be replied in writing within 7 days in accordance with the provisions of the law and the AGM regulations.

Subsequently, the proposed resolutions will be put to the vote. I would like to ask the AGM Secretary to give you some instructions about the voting process.

Thank you, Mr. Chairman. The basic rules that govern the voting process are as follows: the resolutions proposed by the Board of Directors shall be voted on first, followed by those proposed by other parties, if any. If proposals have been made regarding matters that the meeting can resolve without them being on the agenda, they will be put to the vote in the order established by the Chair in such a case, once the proposed resolution has been adopted, all others relating to the same matter that are incompatible with the adopted resolution will be automatically dropped.

The voting of the proposal -- resolution concerning the matters on the agenda will be done through a negative deduction system. For this purpose, all shares present and represented shall be considered to vote in favor of the proposal, deducting the votes corresponding to shares whose holders of proxies declare that they vote against the proposal or abstain, inform the notary public thereof in writing or verbally.

The voting of the proposal as a resolution concerning matters not included on the agenda shall be done through a positive deduction system. For this purpose, all shares present and represented shall be considered to vote against the proposal, deducting the votes corresponding to shares whose holders of proxies declare that they vote in favor of the proposal or abstain, informing the notary public thereof in writing or verbally.

I further advise you that should any shareholder leaving the meeting before the voting process starts wish to put that on record, he or she may inform so to the presiding Board assistants and such departure will be recorded for quorum and voting purposes.

Dear shareholders, let me begin with an overall assessment of fiscal year 2025, which like the 2 preceding years unfolded in a complex macroeconomic and geopolitical environment. In the international scenario, political instability and armed conflicts in Europe and the Middle East have prolonged uncertainty. From an economic standpoint and despite these challenges, the euro area has shown signs of stabilization, lower inflation and a more accommodative monetary policy have supported their recovery.

In addition to this complex environment, Logista has also faced challenges specific to the company, particularly those arising from the integration of acquisitions completed in prior years. As a result, fiscal year 2025 put the company's ability to adapt to the test as it navigated this environment with responsibility, discipline and a long-term perspective.

In this challenging context, Logista responded with resolve, enhancing its operational efficiency and maintaining its sustained growth trend. As the Chief Executive Officer, Mr. Meiras will explain in greater detail later, Logista's financial results for fiscal year 2025 are solid. Our economic sales rose by 3% year-on-year, reaching EUR 1.809 billion, while net profit amounted to EUR 281 million, down 9% compared to 2024, mainly due to the lower contribution from financial income following the decline in interest rates. Despite 2025 being a complex year, these results reflect the strength of our business model and the commitment of our teams.

We shall now highlight some of the matters being submitted for approval at this AGM. The Board Secretary will provide further details later. But let me give you an overview. These matters reflect the Board of Directors' commitment to transparency, good governance, sustainability and shareholder remuneration, which are core pillars supporting our strategy.

First, we propose the approval of the company's individual and consolidated financial statements [Audio Gap] the European Sustainability Reporting Standards, ESRS. Furthermore, we also request the approval of a dividend totaling EUR 277 million, the same amount as the previous year, which is equivalent to EUR 2.09 gross per share. Out of this amount, a total of EUR 0.56 gross per share was already paid as an interim dividend on August 28, 2025. We now propose the approval of a final dividend of EUR 1.53 gross per share to be paid at the end of the month of February.

The total proposed dividend represents 99% of the consolidated net profit for the year, therefore, reflecting our commitment to shareholder remuneration. If approved, Logista will have paid out nearly EUR 2 billion in dividends since its IPO back in 2014.

As for 2026, our expectation is to maintain a dividend payout at least equivalent to that of this year. We also propose to amend Article 13 of Logista's bylaws, raising the threshold from EUR 1 million to EUR 5 million for capital expenditure investments or other financing commitments that require approval by a reinforced majority of 70% of the directors on the Board. This change will provide Logista with greater operational agility and managerial autonomy.

We also submit for your approval the ratification of the appointment by co-option of Mr. Kevin Massie and Mr. Martin Staunton sitting in the first row, both serve as shareholder-appointed directors, representing our shareholder Imperial Brands.

In addition, we propose the appointment of Ms. Marcella Panucci, an Italian legal expert with expertise in both the public and private sectors, as an independent director to whom I extend a warm welcome to Logista.

Ms. Panucci replaces our Independent Director and Deputy Chair of the Board. Mrs. Cristina Garmendia who has served as an Independent Director of Logista since its IPO in 2014, that is for the past 12 years, having reached the maximum tenure permitted for independent directors under the law, Ms. Garmendia is not standing for reelection at this meeting. On my own behalf -- on behalf of all members of the Board and on behalf of everyone at Logista, I would like to publicly thank Mrs. Cristina Garmendia for her outstanding contribution to the Board and her unwavering commitment to Logista over these 12 years. It has been a tremendous privilege to work with you, dear Cristina, thank you for all your dedication and service to this Board. We shall be greatly -- you shall be greatly missed.

Following these appointments, Logista continues to maintain gender parity in its Board with 50% female representation and 50% independent directors.

Good governance is key at Logista. For this reason, we continue to strengthen the mechanisms that ensure responsible and transparent management. This year, we are presenting for the first time and on a voluntary basis, our nonfinancial reporting statement and sustainability report aligned with the CSRD directive and the European Sustainability Reporting Standards. In doing so, we are following the recommendations of the Spanish National Securities Market Commission, the CNMV and the Spanish Institute of Accounting and Auditing of Accounts, ICAC, albeit the directive has not yet been transposed into Spanish law. This first sustainability report under CSRD standards reinforces our commitment to transparency and places our nonfinancial reporting at a European level.

Additionally, we maintain a robust internal control system in place for both financial and nonfinancial reporting. And in 2025, we intensified sustainability training targeted at the Board of Directors, the Executive Committee and senior management.

During this fiscal year, the Board has updated the director selection policy to align it with best practices in corporate governance and has revised its skills metrics in line with Logista's transformation in recent years. We have also renewed the certifications attesting to the robustness of our compliance system. ISO 37001 for anti-bribery, ISO 37002 for the whistleblowing channel and UNE 19601 for criminal compliance. These certifications demonstrate our commitment to integrity, sustainability, transparency and best practices in corporate governance.

We would like to highlight some international accolades that support this commitment. For the ninth consecutive year, Logista has maintained a leadership rating in CDP with an A- score, making it the only European logistics operator to remain at this level for so many years. Sustainalytics has once again recognized us as a company with low ESG risk, placing us among the top 17 performers in the transportation industry. MSCI has ratified our A rating, and EcoVadis has awarded us a Silver Medal, placing us among the top 9% of companies globally with outstanding performance in environmental, employment and human rights criteria.

In addition, we scored 48 out of 100 in Standard & Poor's Corporate Sustainability Assessment, or CSA, which evaluates ESG performance of leading global companies, and we continue to be included in the FTSE4Good IBEX index, which recognizes companies with best practices in environmental, social and corporate governance.

As for climate management, we have renewed the ISO 14064-1 certification for our carbon footprint for the sixth consecutive year, which was timely verified independently by SGS and which validates our emissions reduction. Furthermore, TIME and Statista have included us among the 500 most sustainable companies in the world, underscoring the strength and consistency of our business model.

I would like to extend a special recognition to Transportes El Mosca, which has been awarded AECOC's first Lean & Green star after reducing its carbon footprint by 20% between 2019 and 2024. These milestones further strengthen our credibility and sustainability with customers, investors and stakeholders.

In 2025, we made progress towards the attainment of our 2024-2026 sustainability plan targets with a particular focus on reducing emissions. Decarbonization of transport remains our main challenge, which accounts for 96% of Logista's carbon footprint.

In order to address this, we have raised our target for sustainable kilometers, aiming for approximately 90% of our routes in 2026 to be operated with next-generation lower-impact fleets. In 2025, we already reached 85%, representing over 400 million kilometers traveled with sustainable fleets. We shall continue to promote a rigorous sustainability model based on data, strong governance and continuous improvement of our operations to reduce our impact and create long-term value.

We have also intensified our efforts on diversity, achieving 32% female representation in leadership positions surpassing our 30% target.

And finally, regarding governance, I would like to highlight training on privacy and data protection for our employees following the approval in 2025 of a new data protection policy. This training, which began in Spain, will be extended to the rest of our workforce in other countries.

Diversity and inclusion are key pillars supporting our corporate culture and talent management. In 2025, Logista was awarded the Best Company for Times (sic) [ Talent ] seal by Equipos y Talento. Additionally, the Financial Times and Statista recognized us in two rankings: Diversity, Europe leader for the fifth year running and Best Employers 2025, where we ranked first in the wholesale sector in Europe and 11th among Spanish companies. All such accolades reflect the strength of our corporate culture and responsible approach to talent management.

We have also reinforced our commitment to inclusion through partnerships with Real Madrid Foundation, Atletico de Madrid Foundation, Integra Foundation and [ ONCE ] Foundation, among others. Through these initiatives, we endorsed the social integration of vulnerable groups, achieving a 4% increase in employees with disabilities at Logista. All of these gears -- efforts have shared a common goal to create value for our customers, employees, shareholders and society as a whole.

On behalf of the Board, I would like to express our sincere gratitude for the trust of our customers, the professionalism and dedication of our employees and collaborators and the support and long-term vision of each and every one of you, our shareholders. It is everyone's effort that drives Logista forward and prepares us to meet future challenges.

I now turn the floor to Mr. Inigo Meiras, Chief Executive Officer, who will present Logista's results for fiscal year 2025 and our outlook for the year ahead. Thank you very much for your attention.

Thank you very much, Mr. Chairman. Good morning, ladies and gentlemen, shareholders. Thank you very much for joining us again. First of all, as usual, I would like to welcome you to our AGM and thanking you for your trust in Logista. I would also like to thank Mrs. Cristina Garmendia, just like the President did. Thank you very much. Many people don't know this, but you are one of the people who convinced me to join this fantastic project. Thank you.

Fiscal year 2025 has been undertaken in a clearly complex macroeconomic environment where geopolitical and instability and -- uncertainty and macroeconomic instability have been high besides the difficulties and challenges we normally face. To face this situation, we focused on four strategic actions.

First, we have secured solid financial results, thanks to the great performance of our services, except for long-haul transportation and the courier service plus a drop in tobacco volumes in France. Secondly, we have continued to reinforce efficiency and operational excellence. We've optimized processes and implemented measures across our lines of business to improve the efficiency of all our activities. We've particularly paid attention to those actions that will drive the performance of the businesses bought in previous years.

And third, we've continued to make progress in sustainability through the execution of the targets set in our sustainability plan '24 to '26. And finally, once again, this year, we are again committed to the remuneration of our shareholders. We've maintained a stable dividend payout compared with 2024 and the final distribution is proposed today to the Board. Some of these aspects have been mentioned by our Chairman; others, I will cover in more detail later.

As indicated in 2025 and seeking to accelerate the integration of acquisitions in the last few years, we have defined and implemented new initiatives to optimize, control and reorganize operations in our organization. I must highlight that the transportation sector has been line of business particularly affected across the sector because of adverse macroeconomic environment.

Given this, we have profoundly reorganized the business. We have renewed the management team to lead its operations. We've defined new processes that drive operational excellence. We have improved the quality of service and made governance more robust. We continue to work on data analytics to favor high-quality data-driven decision-making. And also, we continue to analyze and consider acquisitions that will make the company grow inorganically. We are actively seeking opportunities that will add differential value, extend our footprint and complement our service offering in line with our growth and diversification strategy.

The innovation and development of new services remain significant pillars of our strategy. We seek to increase our capabilities, tend to our clients' needs better and reinforce our position as a reference operator or a benchmark in the sector.

I would like to mention some examples that illustrate our commitment to innovation and development. In sea transportation, we have kicked off the first solution in Spain for controlled-temperature groupage or freight consolidation in Spain. It's currently operating between Valencia and the DR and Mexico. Clients can use one part of the container only, maintaining the cold-chain from beginning to destination.

And in parcel, we continue to modernize our operations through AI and advanced technologies. We are starting to use AI solutions to automate the management of key documentation, reducing by 70% the time it takes to capture information, and it also improves the quality of information, thus reinforcing regulatory compliance.

Nacex has celebrated in 2025, its 30th anniversary. It's one of the main courier services in Spain and Portugal. Specifically in Portugal, it has reinforced its operational capabilities by modernizing the platform we have in Portugal in Porto. And in 2025, the new classification technology allows Nacex to manage up to 6,000 shipments per hour.

And our pharma division, Logista Pharma has closed a particularly positive year, and they have hit some milestones also in automation and modernization of their operations as a new loading and offloading system has been installed in the warehouse in Leganes.

And then the transactional services line of business by Logista continues to facilitate the acquisition of the environmental cards for the DGT in the tobacconist office and has closed agreements with public transportation operators in Burgos, [indiscernible] among other cities to promote electrical reloading -- charge loading -- loading. And we've also reached an agreement with Taquilla Mediaset, so that event goers can buy their tickets to events in the tobacconist office.

And then Logista Strator has reinforced its technological service offering to digitize the point of sale by -- through two strategic agreements with different smarttill suppliers to transform the cash management in stores. And then in 2025, Strator also announced its expansion into the Canary Islands, a new milestone.

And then Logista Italy has celebrated its 20th anniversary in 2025, 20 years of operational excellence, sustained growth, continuous transformation and leadership ever since it was created in 2005 following the acquisition of Etinera. Over the last 20 years, we have constantly invested in operational efficiency, automation, digitization, sustainability and modernization of our network. And we've consolidated our position as the benchmark in the last mile distribution in the country. Regarding sustainability, Logista Italy has just added the first low-impact refrigerated semitrailers that reduce CO2 emissions per vehicle in Europe by 7.25 tonnes.

And Logista Pharma Italy has reinforced its presence among hospitals through an agreement with Copag to consolidate its role in the distribution of drugs, medical devices and surgical materials to more than 1,200 hospitals. And it has increased its footprint with a new warehouse in the Lombardy region. It's 20,000 square meters in the north of the country. And thanks to that, the total warehouse capacity in this sector is 45,000 square meters.

And then Logista France, I would like to highlight the innovations by Strator, a new point-of-sale solution. It integrates in one single digital platform, the management on transactions and [indiscernible] tools. And through the last year, we have reinforced significantly our offering by launching among other things, Free Telecom, one of the main carriers in France. We've also integrated the Strator terminal into Amazon Hub, and we've included the national lottery transactions through a QR code. We strive to continue to offer more capabilities through Strator to become a benchmark in the sector.

All of these initiatives have made our financial results very robust. In 2005 (sic) [ 2025 ], our economic sales amounted to EUR 1.809 billion, 2% more than in 2024, driven by the great performance of our main lines of business in Spain, Portugal and Italy. And then if you look at the changes to the stock, this contributed EUR 45 million in profits greater than the EUR 35 million last year. The net profit is EUR 281 million, 9% below 2024. This is basically driven to less profit -- smaller profit from financial operations due to lower interest rates.

And then in Iberia, our main market, eco sales grew by 3% in 2025, up to EUR 1.181 billion. I would particularly highlight the tobacco segment as eco sales have grown by 8% on the back of higher prices, greater added value services and the growth of related products.

And in transportation, our eco sales have hit EUR 732 million. This number, very much in line with that of last year, reflects the macroeconomic impacts that has been particularly adverse and all the complexities linked to the integration I mentioned earlier. And then parcel has shown sustained growth, whereas Nacex has performed very positively, both in Spain and Portugal with high single-digit growth.

The pharma business in Spain and Portugal has seen its eco sales increase by 10% compared with last year, thanks to new agreements with different labs and extended services with a great performance in the pharmacy channel.

In Italy, eco sales grew by 8%, up to EUR 434 million, driven by new product categories in the tobacco segment and the greater prices. And also, Logista Italy has consolidated as the service management for manufacturers in the tobacco distribution business in the Netherlands. In the pharma sector, we've grown at double digits, thanks to organic expansions, new contracts and improved trading conditions. But to be honest, even though it's double-digit growth, it's a small business still.

Eco sales in France diminished by 7% year-on-year, down to EUR 200 million, basically driven by lower volume in tobacco. However, the convenience store segment has grown in electronic transactions, particularly with the e-money charging cards and the new point of sales in our system, Strator. These results reflect the very solid business and ability to adapt by Logista in a changing and challenging environment and our commitment to efficiency, innovation and sustained value creation for all.

Regarding sustainability and corporate responsibility, as our Chairman has mentioned, we've continued to make progress towards our sustainability plan '24 to '26. I would like to share with you some additional indicators that further reflect our commitment.

In sustainable mobility, we've continued to increase the use of biofuels with 3 million liters used between '24 and '25, which has contributed to less emissions through the period. Regarding energy efficiency, 95% of the electricity used in our facilities is sourced from renewable sources. Regarding the shared economy, close to 33,500 points of sales in Spain, Italy and France are actively participating in the recycling of new generation products. We're coming close to the target we set for 2026, which was 33,800 points of sales. And the rate of recovery and reuse of cardboard in the tobacconist network is 71%, which is bringing us closer to our target, 80%.

Regarding corporate social responsibility, beyond what I have already mentioned, I would like to highlight our firm commitment with the well-being and safety of our employees. In 2025, we reinforced our management system with the ISO 45001, which has consolidated the prevention culture in an organization.

And finally, regarding governance, beyond renewing certifications, as the ones mentioned by our Chairman, we continue to promote training and awareness in regulatory compliance among employees and collaborators by taking actions in code of conduct, privacy and personal data protection or crime prevention actions. This progress reflects our comprehensive commitment to sustainability, operational excellence, governance and social responsibility, which are key pillars of our strategy.

Regarding our share price, the share price in Logista increased by 7% through the fiscal year. We closed the year at EUR 28.9 per share, and our market cap is at EUR 3.8 billion. In May, we -- our share price peaked at EUR 31 per share.

And also, the Logista share price offered a total profitability of 9% to our shareholders, which reflects our solid business model and our commitment to value creation. The share has performed really well since the closing of 2025. It has reappraised by 8%. And right now, we are hitting our historical highest share price that's EUR 31.42 per share right now, which leads our market cap to EUR 3.4 billion.

As our Chairman has mentioned, we are proposing to this AGM to pay an ordinary supplementary dividend and an extraordinary dividend that in total amounts to EUR 203 million, equivalent to EUR 1.53 gross per share. The payment will be made on February 26, 2026. So this amount adds to the interim dividend paid out on August 28, amounting to EUR 74 million, that is EUR 0.56 per share. We remain firmly committed to shareholder remuneration. The total remuneration in 2025 will increase to EUR 277 million if this AGM so agrees, which represents EUR 2.09 per share, which is the same dividend distributed in 2024.

And finally, I would like to thank all of our shareholders for your trust in Logista. Your support has been essential to successfully navigate 2025, which has been a very demanding year. I would also like to thank sincerely all of our employees for their dedication and professionalism and our clients for the trust they put in us every day. The commitment of employees, clients and shareholders is essential to continue to move forward with determination.

We face the future with optimism and ambition, and we are decided to speed up our growth, both organically and inorganically. And for that, we have a solid business model, a clear strategy and a committed team well prepared to overcome whatever challenge might come. We will continue to promote innovation, sustainability and efficiency of operations with a firm purpose of creating value for everyone. Thank you.

Ladies and gentlemen, we're going to open the floor to interventions from shareholders who have requested the floor. I would ask all the shareholders who would like to take the floor, but have not turned in the form with the questions to the staff at the back to do so now, please. I will now give the floor to the Secretary.

Thank you, Mr. President. There is one request to take the floor. The shareholder, [ Mr. Moreno Garcia, ] may take the floor.

My name is [ Avel Moreno Garcia, ] and I am a shareholder. I hold 1,800 shares, and I represent 650 shares.

If you could please hold the mic closer to your face.

Since we are presenting the financial statements for 2025, you will allow Mr. Chairman to make a comment, and I will try to add some questions and thoughts that I gather from the information that you've sent to the authority.

First of all, I would like to congratulate you for the results of the financial statements. They're not as good as those of last year, but one might consider that they fit within the parameters required. And also, we should take into account that last year was truly outstanding. I'm not a speculative investor. I'm a long-term small investor, and I'm definitely looking to this company to perform even better to continue to offer a recurring dividend that improves over time, hopefully.

As I look at the financial statements this year, I can see how the business in France continues to drag the final results for a few years. Now this has been the case. Do you think this will take a turn for the better over the next few years?

Over the last few years, you've also acquired several logistics companies. I'm referring to El Mosca, Carbo Collbatalle and others. Have you solved the integration of all these companies? Or have you come across more problems than you foresaw when you acquired them? Will you continue to make acquisitions? And if so, in what sectors? Because I also see that you're reducing your exposure to tobacco. Will you pay that with debt or with the cash to be generated as it is now done?

I ask you, with the loan you had with Imperial Brands Tobacco, your holding company, will financially the revenues continue to come in or they will dwindle just like last year? And if so, have you calculated how you're going to diminish your expenses this year? And what impact it will have on the P&L of this year? And what plan do you have to offset less revenues from that area?

One of the strength in Logista is the way you treat your shareholders. The profitability for the price is among the best in the market for retail investors. And therefore, I urge investors, who want a good profitability, to invest in this company, and the directors are not paying me to do so. Will you continue with this policy if the profits are maintained? Or will the dividend increase?

Investors in these very complicated stock exchange situation seek profitability, but also growth, and this is reflected in the market caps. Maybe that's what Logista is missing, particularly after last year when we've seen some share prices rally. However, the Logista share price has maintained at about the same level as last year. Hopefully, this year, it will be Logista's turn to rally. And the market appreciates finally this growth and the acquisitions made in past year. And I'm sure the Chairman and the CEO have addressed some of these questions already in their remarks.

And one last thought. I understand that this is not the case of this company, but it normally happens that when a publicly listed company makes some forecasts, sometimes events don't quite follow the forecast, and the markets tend to penalize the share price of such shares. Therefore, I would recommend the 2-year or 3-year plans that companies create are conservative and you don't plan goals or targets that are far removed or unattainable. In these cases, the share price tends to take the hit.

You already explained last year that Logista is very close to Leganes and holding the GSM in a different place will be impossible. However, I would like to ask again, I must insist and I make the same request I made last year.

Once again, my congratulations to the Board and to the employees of Logista. Mr. Chairman, I do hope that you've maintained, or you've kept your promise from last year, and we can have some coffee. And hopefully, next year, we move on from coffee into a snack. I hope to come again next year and listen to good news just like this year or maybe even a little bit better.

Are there any other comments? Okay, Mr. [ Avel Moreno Garcia. ] First of all, thank you very much for your questions and comments. I also must thank you for your time spent researching this company and its figures with the published materials. Not everybody does that. So thank you very much. Some of the questions have been addressed by the CEO. He has addressed your comment on the share price. And we've hit a record high, as he just said. If I may address the last two points you made, I will then give the floor to the CEO.

Your request, just like the last AGM is duly noted. I know you want the AGM to be held closer to downtown Madrid. However, I must say that it is a lot more efficient and less costly to do it here. We have this beautiful hall available. Also, some of our employees are shareholders, and that's a sign of how much they trust us, that cannot afford the luxury of leaving to downtown Madrid, that would take 1 hour, then attend the GSM and come back. Therefore, we think it's better for the company and the shareholders to continue to hold the AGM here.

And then regarding your other comment, we've met your demand. You must have seen the coffee maker outside and also the cookies as per your request last year. I'm afraid we cannot move on from there to beer or wine because we have a Board meeting, and we wouldn't be able to join you. So if you don't mind, we're going to keep to coffee and pastries. And I will now give the floor to Mr. Meiras.

Mr. [ Avel Moreno, ] shareholder, thank you very much for sending your questions in advance. You make our lives much easier. And second, you're right on the bull's eye. All of your questions are right on point, and they cover many aspects that are close on -- that are monitored closely by the Board of Administration. So I think you've asked eight questions, but I will try to be brief since some of the points you've made have been discussed in my presentation earlier.

The first question regarding France. Well, the tobacco sector continues to drop significantly. The French government continues to increase the prices on tobacco -- the taxes on tobacco. And even though they haven't managed to stop people from working, 40% of the market has going into the illicit market, and that's out of reach for us. Logista cannot play in that market in any case. And our forecast is that the market will continue to dwindle in France, even though the profitability remains good.

Regarding your second question about the integrations, I would love to say yes. But to be honest, we continue to work on that. Integrating companies is quite complex. And in this case, we've integrated different companies, more than 1,500 employees in total. So managing them plus more than 2,000 vehicles differently is quite some work. However, we're right on track with our projects, and they will bear fruit sooner rather than later.

Regarding your third question, do we contemplate new acquisitions? Yes, without a doubt. We had a first session of the Board this morning, and we've considered two or three potential operations. In what sectors, I'm afraid I cannot disclose that information. Logistics is quite a broad industry, but I cannot show you the cards yet. That would be disclosing our strategy and that would not help us increase our value, but rather kill it.

And the second question, how will we pay for that? It depends. But as you've seen, all the acquisitions we've undertaken until now are of a size that we can comfortably buy with our own equity. However, the Board will have to consider when the time comes, what's the best debt-to-equity ratio or strategy that is best for us, for the company and for our shareholders. We will duly consider that, but it will definitely not have impact on our dividend policy that we're very proud of, and you are proud of as well. And the idea, the commitment of this company that we've made public today is to continue to pay out at least 90% of the net profit.

Regarding the loan with Imperial, well, our main shareholder, Imperial, we have a lending agreement with them that we think was very advantageous for us. And I understand it's advantageous for them as well, though I don't fully know what their numbers are. The thing is that if the financial or the trading income is falling, it's because it's referenced to the ECB rates. The ECB rate has been lowering the rates for the last 10, 12 months. So Logista has a level of liquidity that is similar through the year, but the lower rates from the ECB have worked against our trading income. This would happen even if they were not our main shareholder.

And the dividend, seventh question, I've already addressed that. And your eighth question is, well, it's actually a comment, right, where you said it's not to be too conservative and -- or let's not oversell. Well, as managers, we always need to manage the risk, the opportunities and the decisions. That's what you need to do. And definitely, you need to respond to the market. However, if you do not take-on risks, you don't create value for the company. Thank you very much for your questions.

Thank you, Inigo. Next, the Secretary will read the proposals for resolution that will be submitted to the AGM's approval.

In order to expedite the meeting, I inform you that in case of broad majority unless expressly requested, we should simply state whether each proposal has been adopted or not according to the votes on record with no need to specify the number of positive votes, negative votes, blank votes and abstentions. The attendee shareholders who wish to cast a negative vote, a blank vote or abstain, just raise your hand after each proposal is read. After the voting is over, please come to me to take note of your name, number of shares and vote for the notary public to include them in the minutes of the meeting.

Notwithstanding the aforementioned and pursuant to Article 525 under the Spanish Company Law, the resolutions adopted by the AGM and the specific voting results will be available as of tomorrow on the company's website in the section 2026 AGM Quorum Voting Resolutions.

Given the items included on the agenda for this meeting and in accordance with the provisions of the law -- of the company bylaws, the proposed resolutions required for the approval of a simple majority of the votes of the shareholders present or represented with the resolution being adopted when -- votes in favor than against.

The proposal of Item #6 in order to amend the company's bylaws requires absolute approval and in -- so far as the share capital that is in attendance by proxy or in person exceeds 50%. On the other hand, as for items 4, 5, 6 and 10 of the agenda, I'm not going to read the whole proposal unless requested by the shareholders.

Okay. Proposal #1.1, approving the financial statements, including the balance sheet, the income statement, the statement of changes in equity, statement of cash flows and the directors' report as audited by Ernst & Young S.L., as well as the directors' report, both the individual financial statements of Logista Integral S.A, corresponding to the period closed on September 30, 2025. This proposal is approved by 99.72% of the shareholders. So this item is approved according to the company's bylaws.

The proposal 1.2, approving the statement of cash flows, the balance sheet as well as the directors' report as audited by Ernst & Young of Logista Integral S.A. We're talking about the financial statements, and this corresponds to the period closing September 30, 2025. Support is given by 99.71% of the shareholders attending in person or by proxy. So since we have enough votes in favor, this resolution is adopted.

Proposal #2, approving the nonfinancial reporting statement that is consolidated as well as the sustainability report of Logista Integral that is part of the directors' report. We have 99.78% of shareholders attending in person or by proxy in favor. Therefore, this proposal for resolution is adopted.

Proposal #3, approving the management of the Board of Directors during the period closed on September 30, 2025. We have 99.50% of shareholders attending in person or by proxy who cast a positive vote. Therefore, this proposal is adopted according to the company's bylaws.

Proposal #4, approving the allocation of profit for the fiscal year closed on September 30, 2025, according to the proposal put forward by the Board at the meeting of November 5, 2025, out of net profit of EUR 267,833,503.91 to dividends EUR 266,425,960.40 of which the interim account should be a total of EUR 73,938,460.40. This was approved by the Board of Directors meeting held on July 16, 2025, and which was paid in August. The final dividend being a maximum EUR 192,487,500 that is EUR 1.45 gross per share of the company. And as for voluntary reserves, EUR 1,407,543.51. The ordinary final dividend shall be paid on February 26, 2026, through Banco Santander. Please taking into account that all relevant holdings will be applied to the gross amounts that have just been mentioned.

99.99% of shareholders attending in person or by proxy cast a positive vote. Therefore, this proposal is adopted according to the company's bylaws.

Proposal #5, approving the allocation of an extraordinary dividend charged to free reserves in the amount of EUR 10,620,000. That is to say EUR 0.08 gross per share. This dividend will be paid through Banco Santander in cash on February 26, 2026, together with the final dividend. So on this proposal is voted in by 100% of the shareholders attending in person or by proxy. Therefore, the resolution is adopted.

Proposal #6, approving the amendment of subsection F under Article 13 of the bylaws of Logista Integral in order to increase from EUR 1 million to EUR 5 million the materiality threshold of the favorable vote to, say, 70% of the Board members, taking into account share capital expenditures. So the votes cast show 99.9% approval by the shareholders attending in person or by proxy. Therefore, this sixth proposal for resolution is approved according to the company's bylaws.

The proposals for resolution under item #7 are to be individually and separately voted. According to the proposals and different reports submitted by the Appointments and Remuneration Committee and the Board of Directors according to the Spanish Company Law, the following is proposed: Proposal 7.1 ratifying the appointment by co-option of Mr. Kevin Massie that was carried out on the 16th of July 2025 by the Board in order to become effective as of September 1. He shall become the proprietary Board member according to the favorable report issued by the Appointments and Remuneration Committee. The personal circumstances of this director are included in the relevant registry.

And Mr. Massie will have the position of proprietary director according to Article 529 of the Spanish Company Law. He will be representing the majority shareholder to Imperial Brands. 98.89% of shareholders attending this AGM cast a positive vote, and therefore, this proposal is adopted according to the company's regulations.

Mr. Massie, do you accept this appointment? And do you declare that you have no incompatibility whatsoever to fulfill that position?

Proposal 7.2, ratifying the appointment by co-optation of Mr. Martin Staunton. According to the decision of the Board of Directors on July 16, 2025, and appointing him as proprietary director given his personal circumstances are also properly registered. Mr. Staunton will also be a proprietary director according to the Spanish Company Law, and he represents the majority shareholder of Imperial Brands. 99.04% of shareholders cast a positive vote, and therefore, this proposal is adopted according to the company's regulation.

Mr. Staunton, do you accept this appointment? And do you declare that you have not any incompatibility as provided for bylaw in order to fulfill his tenure?

Proposal 7.3, appointing as a director, Ms. Marcella Panucci as Independent Director following the proposal by the Appointments and Remuneration Committee. And according to the report presented by the Board of Directors, her personal circumstances are also duly recorded. Ms. Panucci will be an independent director according to what is provided for by the law. So votes of 99.72% are positive, and therefore, this resolution is adopted according to the company's bylaws.

Ms. Panucci, do you accept this appointment? And do you declare that you have no -- any incompatibility in order to fulfill this tenure?

Proposal #8, to approve the new remuneration policy of Board members for the 2026-2028 period, which has been made available to the shareholders together with the report by the Appointments and Remuneration Committee. It is expressly stated that this remuneration policy includes a maximum amount that is to be paid to all Board members according to the Spanish Company Act law. So the votes shown show 99.68% of positive votes and therefore, this eighth proposal is agreed according to the company's bylaws.

Proposal #9, to approve on a consolidated basis, the annual report on the remuneration of Logista Integral's Board members for the period closed on September 30, 2025. So support of 98.59% is shown and therefore, this ninth proposal is also adopted.

And then Proposal #10, to approve the delegation for each and every Board member and Board Secretary and Vice Deputy for them to interpret, complete, redress, carry out and formalize any of the resolutions that have adopted and therefore, 100% of the shareholders cast a positive vote. And therefore, we consider this last proposal for resolution to be approved according to the company's regulations.

Dear shareholders, we thus come to the end of this AGM. The notary public will formalize the minutes of this meeting, and she will fulfill any other additional formalities. On behalf of the CEO and the Secretary as well as all of the Board members, we would like to convey our gratitude for having attended this AGM. Thank you very much, and the meeting is adjourned.

My apologies. There are a number of directives that are about to be released. Whereby the EU might be faced by similar problems as the ones that are now being faced by France. Should I repeat the question?

No, I have understood your question, don't worry.

So could you please give us some color as to the company's performance during Q1 2026, if possible?

Okay. I'm going to ask the Chairman to answer the second question, and I will answer the first question. As for Q1 2026, we shall be presenting the company's financial results shortly. So if you bear with us, tomorrow before the market opening, we shall be disclosing Q1 results. We can't disclose that right now.

Could you just give me some overall information because actually being here in person and having to wait until tomorrow doesn't seem very reasonable.

Well, I have -- we have to comply with the law unless you want to come and pay me a visit at the prison next year. I cannot break the law.

So let me answer the first question. If right now, in the European Union, there are two directives that are being discussed, one that is more advanced than the other.

One is concerned with taxation on tobacco and the second one has to do with the sale of tobacco products, which is a little bit delayed. We are in an uncertain context. A meeting is scheduled to take place at the end of February by all EU members in order to discuss this.

In the best-case scenario or the worst case scenario, depending on the perspective, we believe that this directive will be publicly disclosed by year-end. However, there is a draft and under the presidency of Cyprus that holds the presidency of the EU, we expect a new draft to be issued. But we have to wait and see what happens within the next 6 months when Ireland will take over to become the EU's President. So right now, we doing what we can in order to avoid being affected by this directive.

Next, as for the sale of all kinds of tobacco products, that directive is a little bit more delayed. And we believe that no directive should be expected to be approved any earlier than in 2028, and there is no clear draft at this point for us to issue any opinion.

We have adjourned the meeting. Therefore, we cannot actually address any more questions, even though we thank both the Chair and the CEO for having answered this question. Thank you very much for attending.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

Good morning, everyone, and welcome to Logista's Full Year 2025 Results Presentation. I'm Isabel Troya, Head of Investor Relations for Logista. And today, Inigo Meirnas, our CEO; and Pedro Losada, our CFO, will go through the results for the year. We'll conclude with a Q&A session at the end of the call, where we will answer the questions you have submitted through the platform. You can write your questions at any time during the presentation. Now Inigo will proceed with the results. Inigo, you may.

Thank you, Isabel, and good morning to all joining us today. During fiscal year 2025, we recorded a positive growth in economic sales across main segments in both Iberia and Italy, with particularly strong performance in tobacco and pharma in these 2 regions. This growth was further supported by a robust profit on inventory recorded in all 3 regions.

In '25, profit on inventory reached a significant EUR 45 million, up from EUR 35 million last year, following changes in tax and retail prices in all regions. This marks the third consecutive year in which we have recorded a substantial profit on inventory driven by tobacco pricing movements. The Board of Directors will propose a final dividend for fiscal year 2025, which equals last year amount in line with our commitment to distribute at least the same dividend as 2024 despite the need to increase the payout ratio.

In relation to our ESG commitment, we will update you with the KPIs for the period in relation to our '24-'26 sustainability plan. In the following pages, I will give you further details of these main highlights.

During our 2025 fiscal year, we have recorded increases in economic sales in our main businesses in Iberia and Italy, completing the year with a total economic sales of EUR 1.8 billion, which represents a 3% year-on-year growth. In terms of the split per area, Iberia reached economic sales of EUR 1.1 billion. Italy recorded EUR 434 million and France, EUR 200 million. Adjusted EBIT for the year amounted to EUR 378 million, representing a 2% decline on last year figures. This includes EUR 45 million of profit on inventory recorded after changes in tobacco taxes and prices in all 3 regions. Net profit reached EUR 281 million, a 9% decline compared to last year, given, among others, the lower interest rates recorded for the period. During the year, we recorded a total of EUR 73 million of financial income, which is EUR 30 million lower than the EUR 103 million of last year. This shows a strong interest rate drops as we have had an average interest rate for this year of 3.54% compared to 4.85% last year.

Later on, we will dive deeper into each of these regions. As previously mentioned, during the period, we recorded a total of EUR 45 million in profit on inventory. This was a result of change in tobacco excise taxes and retail pricing across all 3 of our key markets. In Spain, excise taxes increased significantly compared to the modest adjustments seen in '22 and '23. Particularly, the government introduced a new tax section on products containing nicotine but not tobacco, such as vaping devices and nicotine pouches.

For traditional tobacco, the average tax increase was equivalent to approximately EUR 0.20 per pack to which manufacturers are responding by increasing retail prices by EUR 0.40 per pack. In Italy, we also saw tax and price increases. The average tax hike for traditional tobacco was around EUR 0.10 per pack with retail prices rising between EUR 0.10 to EUR 0.30 per pack. In France, the government continued its policy to increasing tobacco taxes to curb consumption, although at a slower pace than in previous year. This year, the average tax increase of EUR 0.25 per pack with manufacturers responding with price hikes at EUR 0.50 per pack.

The resulting profit on inventory has helped to partially offset the impact of lower financial income and weaker performance in some of our transport businesses. Following our commitment to remunerate our shareholders, at the next Annual Shareholders Meeting in February 26, we will propose to distribute a total dividend of EUR 277 million, same figure as for 2024. This will include a final dividend for fiscal year '25 of EUR 1.53 per share, which together with the interim dividend of EUR 0.56 per share distributed last August will amount to EUR 2.09 per share.

Total dividend represents a 99% payout ratio, increasing our distribution to maintain a stable dividend even though net profit has declined by 9%. Once the complementary dividend for '25 has been paid, we will have already distributed close to EUR 2 billion since our IPO back in 2014. This represents a total return for our shareholders since the IPO of 236%, considering all dividends paid and share price appreciation up to the end of the period.

Moving on to our sustainability highlights. I will give you some details on the progress of our sustainability plan for '24-'26. In environmental matters, we remain firmly committed to decarbonizing our fleet, recognizing that transportation services account for 96% of our total emissions. A key part of this effort is increasing the number of kilometers traveled using Euro 6 vehicles, which are significantly more sustainable and emit less pollution than older models.

This year, we have reached 85% of total kilometers with Euro 6 vehicles, keeping us on track to meet our 2026 target of 90%. In circular economy matters, we continue to advance our initiatives to recycle NGP devices by installing dedicated recycling boxes in tobacconists and overseeing the full recycling process. The program is now active in all 3 countries with Spain and France currently in the ramp-up phase. Across these markets, we have currently deployed recycling boxes in over 33,400 points of sales, having almost reached the 2026 target.

In social matters, talent is a cornerstone of our success and competitiveness. To reinforce this, we have established a target to achieve 95% talent density rate in critical positions by 2026. At year-end, we reached 90%, and we continue to work on increasing this metric. Diversity is another key pillar of our social strategy. We have set a target to reach 30% female representation in upper and middle management by 2026, a milestone that we have already surpassed achieving 32% this year. We remain committed to maintaining this balance.

In governance matters, we have renewed our ISO 37001, the ISO 37002 and the UNE 19601 certifications, reaffirming our commitment to the highest standards of corporate governance. Following the approval of our new data protection policy by the Board of Directors, we have launched a mandatory training for employees to raise awareness and ensure compliance with the critical area. Now I will hand over to Pedro, so he can give you more details for each of the regions and businesses.

Thank you, Inigo, and good morning to all connected today. Starting with Iberia, our largest market, economic sales increased by 3% to EUR 1,181 million, while adjusted EBIT declined by 5% to EUR 191 million. Looking into each segment. In the tobacco segment, total volume in Spain & Portugal decreased by 0.4% year-on-year after a decline in traditional cigarette volumes in Spain, minus 0.8%, which was offset by an increase in traditional tobacco and roll your own and NGPs in Portugal.

We recorded a profit on inventory of EUR 34 million, driven by the increase in tobacco taxes and retail prices in Spain, which Inigo described previously. We also made progress in our recycling initiative, reaching 1,443 tobacconist in Spain, doubling the figure from last year. In the Transportation segment, we have been sharing throughout the different quarterly results, the low performance of the business of El Mosca and the frozen activity.

Particularly long distance transport was impacted by the slowdown in European demand and various macroeconomic challenges, which I will describe a bit more in the following slide. The frozen business line has suffered also from macroeconomic headwinds and increasing competition, which has led to the loss of clients against competitors.

We have implemented several cost control measures to improve the business, and we continue to seek further measures we can take while setting new sales plan to recover the lost income. However, industrial Parcel showed sustainable growth, supported by increased deliveries, which has offset the underperformance of Carbo.

The Courier business has recorded a very good performance in the Spanish and Portuguese operations with a high single-digit growth rate, which has been completed by the full annual consolidation of Belgium -- Parcel Services in Belgium.

Pharma economic sales grew by 10%, supported by new agreements with laboratories and expanded services to existing clients with a strong performance on the pharmacy channel. Other businesses recorded a reduction in distributed volumes, which has led to a decline in economic sales. As we have been explaining during the different quarterly results, Transportes El Mosca has had a challenging year. We acquired the company back in October 2022 to an initial stake of 60% and acquired the remaining stake at a different point in time, reaching 100% by August 2024.

During the year 2023, first signs of a slowdown in transportation industry came to light with the Red Sea conflict and a strong inflationary pressure. This situation intensified during our fiscal year 2024 with turmoil in the industry and the first signs of demand weakness in Europe. The year 2025 has presented a significant challenge for the company. We faced sluggish demand across Europe and margin compression in the transportation sector, largely due to inflationary pressures, impacts that were particularly pronounced in the El Mosca business.

Besides, this year's harvest was adversely affected by various weather events resulting in a reduced yield of fruits and vegetables, which is the largest business for Mosca's road transportation. Since we acquired 100% of the company, we have put in place certain measures to help revert the situation, such as changes in the management or the implementation of control and compliance procedures to safeguard daily operations and improve governance within the company.

We have also worked on improving the quality of the analytic data to allow for better informed decisions. As a result of these measures, certain nonoperating one-off negative impacts have arisen, further worsening the annual results. Furthermore, we are taking different actions to improve profitability of the company. Some measures include optimizing the client mix, focusing on clients who demand international transportation and renegotiating clients conditions.

Lastly, within El Mosca, I would like to mention that we are working on completing the optimization between El Mosca road transportation business and Logista Freight, where Logista Freight is taking over the fleet planification and route assignment, implementing further cross-selling actions with pharma business and allocating fee capacity of Mosca to freight to optimize the use of the vehicles.

Moving on to Italy. Economic sales reached EUR 434 million, reflecting a growth of 8% compared to the previous year. Adjusted EBIT increased by 11%, reaching EUR 134 million. During the year, total tobacco volumes declined by 0.9%. This decline results from a 2% decline in traditional tobacco, which was partially compensated with an increase in roll your own and other categories, particularly HNV stick units recorded a healthy annual growth.

In response to the government's tax increase, manufacturers raised retail prices for tobacco, which helped offset the impact of the tax hike. As a result, we recorded a profit on inventory of EUR 7 million compared to the EUR 6 million in the previous year. As you may recall, in 2024, we began distributing tobacco in the Netherlands on behalf of a major manufacturer. This business has continued to expand, consolidating the service we offered to tobacco manufacturers in the region.

In the Convenience Distribution segment, our Recycle-Cig initiative has gained traction with 30,700 tobacconist across Italy now participating in the recycling program for NGP devices. Finally, in our Pharmaceutical division, we have achieved double-digit growth in economic sales through organic expansion with new contracts with laboratories and renegotiations with existing clients. We have also opened a new pharma warehouse in Northern Italy, which will accelerate our expansion in this business in Italy.

In France, economic sales declined by 7% year-on-year, reaching EUR 200 million, while adjusted EBIT fell by 15% to EUR 53 million, mainly due to a lower contribution from profit on inventory, which amounted to EUR 4 million compared to EUR 8 million in full year fiscal year 2024.

As in Spain and Italy, the French government implemented tax increases, followed by EUR 0.50 per pack price hike by tobacco manufacturers. These changes had a positive impact on inventory valuation, though much lower than in the previous year.

Tobacco volumes distributed in France saw a 9% decline, continuing the trend of faster volume contraction compared to Spain and Italy. In the Convenience Products segment, we also have continued growth in electronic transactions, particularly in E-Money recharge cards. Additionally, more tobacconist are adopting our Stratos software and hardware as a point-of-sale system, enhancing their service offering with personalized features.

Finally, our NGP recycling initiative in France has expanded with 1,300 tobacconists now participating. After giving you the details of each region, we will move into the consolidated figures for the period. Total adjusted EBIT for the year amounted to EUR 378 million, reflecting a 2% decrease compared to 2024. This decline was primarily driven by the underperformance of certain businesses within the transport activity and the volume contraction in France despite positive contributions from tobacco and pharma in Iberia and Italy.

Economic sales grew by 3% year-on-year, supported by strong activity in pharma and tobacco in Spain and Italy and relevant profit on inventory, which helped offset the mentioned underperformance from some transport business lines. Reported EBIT reached EUR 318 million, also down 2% from the previous year. This figure includes restructuring costs of EUR 5 million, slightly higher than the EUR 4 million recorded last year and was partially offset by capital gains of EUR 6 million from the sale of certain assets in Spain.

At the bottom line, net profit decreased by 9%, reaching EUR 281 million, mainly due to the lower financial results for the period. Financial income dropped to EUR 73 million compared to EUR 103 million last year, EUR 30 million decrease because of the decline in interest rates throughout the year.

As you may recall, 2023 and 2024 were marked by exceptionally high interest rates with last year ending at a reference rate of 4.1% plus a margin of 75 basis points. The European Central Bank began cutting rates in June 2024 once inflation stabilized. Consequently, full year 2025 closed with a reference rate of 2.71% plus margin of 75 basis points on our credit line with Imperial brands. The average credit line balance during the period was EUR 1,985 million, slightly below the EUR 2,048 million in the previous year.

Additionally, the decline in profit before tax led to a EUR 10 million reduction in tax expense with a slightly lower corporate tax of 26.3% compared to the 26.5% last year. We concluded the period with earnings per share of EUR 2.3 versus EUR 2.34 of fiscal year 2024. EBITDA for the year remained flat at EUR 495 million, consistent with the previous year, reflecting a solid business performance and the contribution from profit on inventory.

Financial income collected amounted to EUR 72 million, down from EUR 101 million last year due to the impact of lower interest rates during the period. Restructuring & other costs paid totaled EUR 7 million, while normalized taxes reached EUR 114 million. CapEx for the year stood at EUR 54 million, including investments in warehouse improvements, sorters and automatic loading deck and maintenance. Lease payments amounted to EUR 76 million, and we closed the period with a normalized cash flow of EUR 315 million.

We concluded the year with a free cash flow of EUR 483 million, significantly above the EUR 225 million recorded in fiscal year 2024, thanks to the positive working capital movements. Lastly, our final cash position for the year amounted to EUR 2.6 billion, reinforcing our financial strength and flexibility.

Looking into our stock performance for the year, Logista delivered a total shareholders' return of 9% for 2025, reflecting the strength of our business fundamentals and our continued commitment to shareholder value. Our share price increased by 7% over the period, closing the fiscal year at EUR 28.9 per share of a market cap of EUR 3.8 billion. During the year, we reached our maximum share price of EUR 31 per share in May.

Now I will hand over back to Inigo, so he can go through the final remarks and outlook for the next year. Inigo?

Thank you, Pedro. To close, I'd like to highlight 4 key takeaways from this fiscal year. First, our annual financial performance was solid, supported by good performance for tobacco and pharma in Italy and Spain and a strong profit on inventory, which helped offset lower interest rates, volume declines in France and the underperformance of El Mosca. Second, we continue to seek excellence in our business, aiming to improve our operating results for our businesses and countries. Third, our ESG commitment remains cornerstone of our strategy. Through the execution of our 2024-2026 sustainability plan, we have made meaningful progress in environmental, social and governance initiatives.

And finally, we are increasing our payout during 2025 to distribute a stable dividend, reinforcing our long-standing commitment to shareholder returns. Logista remains focused on delivering sustainability growth, operational excellence and long-term value creation.

Looking ahead for 2026, we expect adjusted EBIT, excluding profit on inventory to grow at mid-single-digit rate, supported by the continued strength of our core businesses and disciplined cost management. We remain committed to our diversification strategy, actively seeking small and midsized acquisitions that enhance our geographical footprint and expand our business portfolio. We reaffirm our commitment to remunerate our shareholders. Hence, we intend to distribute during 2026 at least the same dividend as in 2025. Now we will proceed with the Q&A session. Isabel, please, if you may.

Many thanks for the presentation. We will now continue with the Q&A session going through the questions that we received. The first question comes from Alantra Equities. We have a few questions. First is the impact of Mosca and Carbo on the 2025 results. Is there more restructuring to be done in full year '26? Or are you done? What level of contribution at EBIT level could we expect from those companies going forward? And then another question on regulatory update on tobacco distribution and the EU plans to regulate tobacco directly.

Thanks, Juan. This is Pedro Losada -- thanks for your question. Let me take the first 3 related to El Mosca and Carbo and answer you in once. As you know, we do not disclose the level of results provided by each of the specific businesses in our results. It's true that once we explained during the presentation that apart from Mosca and Carbo and the results in France, everything goes as expected during the year. So you can make some proxy with the results versus 2024 that has been lower.

We mentioned during the presentation, the measures, particularly on El Mosca and -- but also, as you can imagine, in Carbo, it's becoming more and more difficult to provide any numbers around an impact since we are getting a faster integration with freight in the case of El Mosca and with Parcel in the case of Carbo.

It's also important to mention that the years have been challenging in Mosca and recorded losses during the year And these losses and the new business plan, a more conservative one from the initial, would made up the view that resulted in an impairment recording Logista Integral individual accounts. We didn't mention this in the presentation because it only has an impact on the individual P&L of Logista Integral and not any impact at all in the consolidated figures, neither on the dividend payment. So the last part of your question is when this is recovering?

We are speeding up, as I mentioned, with the integration with Freight on one hand and Parcel in the case of Carbo. And we will probably need the whole 2026 to turn this around. In the case of Carbo, maybe we can speed up the process. But probably during 2026, we are going to still see some restructuring in both companies.

Thank you, Juan, for your second question regarding the regulatory update. I think that there are 2 different dimensions on that. The first one is the draft of a new anti-tobacco law in Spain that you know there is one approval by the ministers in Spain and need to follow the legal processes. But in any case, at the end, we have to do something there, as we are assuming that the final approval, if any, of this new regulation will be approval by the -- probably by summer or by the end of summer time 2026, which is -- that means that it's not affecting this coming fiscal year. Let's see what happens with '27.

But with the new measures, if at the end, the new law is approved with the current draft, probably is affecting the tobacco volumes in Spain, but our first view on that is not a dramatic negative impact in the tobacco volumes in Spain.

The second one is what happens with the European Union plans to regulate tobacco directly, which means to impose extra tax other than at a national level. Well, this is something that is at the very beginning stage, and we have to assume that if any go live, probably the final approval should come to the market by the end of '28 or '29, which means this is at least we need to -- they need to run for a process of more than 3 years. And this is why as today, we believe that this is not a clear risk short term for the business and for the sector as well. Let's see what happened there. And in between, as you know, at the European level, a new tax at European level for tobacco need the approval of the members of the European Union of the states. And as you know, there are at least 5 or 6 countries that they are not agreed even to go ahead with this discussion and the beginning stage as they are today.

There's another question as well from Alantra. Is there a reason for financial income in Q4 being higher than in precedent quarters beyond the higher average cash balance?

No, no, there's no reason beyond the average cash balance. Bear in mind that typically, this is the seasonality of the cash in Logista business, particularly in tobacco. So when you take the 9 first months, average cash used to be lower in the last quarters. Just to give you a sense on 2024, we are year-to-date in the first 9 months of EUR 1.9 billion, where on the Q4, we had EUR 2.4 billion. So more or less same trend on 2025 with EUR 1.8 during the first 9 months and 2.5% in Q4.

Next question is from Grupo Santander. There's a first question on Mosca, which I believe has already been answered. Then is outlook for POIs in 2026. Are you expecting further significant price increases? And then the next question is, any acquisition opportunities currently on your radar? Could you clarify what types of segments are you looking forward?

Hi Ricardo, Inigo speaking again. Regarding the outlook for POI in 2026, as you know, this is not in our hands. But in any case, I think that we can be positive with the current trend, let's say, in the 3 markets, which means that you probably see some tax increases and price increases by the tobacco manufacturers will imply a positive impact for POI, but we don't have a clear estimation for next year.

And then regarding the acquisition opportunities, if we have something or not in our radar? Yes, I think that today, we are following 3 or 4 opportunities, okay? At least in the first half of the year, we are following an opportunity in the pharma sector in Italy, bigger than the previous one was pharma [indiscernible] but this is not difficult because pharma [indiscernible] was only to acquire a small platform in Italy.

In any case, it's not a very big one, but we believe that this is a good opportunity for us if at the end, we arrive an agreement with the sellers. We are in discussion with them on a bilateral basis, and it's quite complementary with our current regional presence in Italy because we are mostly focusing on Rome and from Rome to the South and Northern Rome area. This new acquisition can add to us a national presence in Italy.

Other sectors than pharma in Italy, I think that we are considering a new opportunity in the tobacco sector, but mostly driving because it's a company that is mostly focused on the new generation products and more than in traditional tobacco. And as far as we see there is a growth in that sector, we are analyzing that [indiscernible] can fit well or not with our current strategy, taking into account that as I always say, the strategy of the company is to try to move the core business from tobacco to nontobacco without any pressure in terms of timing. But if in between we find an opportunity like that, we have the idea to analyze in retail, and this is something for this 2026.

Because in the transport sector, as Pedro already mentioned, the thinking by the management company is to be focused into the restructuring and integration of mostly El Mosca, but Carbo as well and because of that it is not a priority for the time being.

The next question is from Bestinver. Could you give us more details on the current demand situation in Europe? When do you expect the measures taken to bear fruit? Are you maintaining your strategy of growth in the segment? And then there's a question on M&A. Is new M&A viable considering that the payout will have to be increased to maintain the dividend level?

Okay. Beatriz, thank you for the 2 questions, and I will take the 2. Regarding the first one, which is in terms of the fruit sector, I think that the strategy at the beginning was to get some exposure to this segment. But as today, we are happy with the exposure that we have through the acquisition of El Mosca. [indiscernible] something then it's organically, but we don't see an opportunity to grow more in that sector through an inorganic growth or through an acquisition.

And regarding the market, now it's starting the peak on the Fruit segment. Let's see what happened, but we are a little bit more positive than last year.

In terms of M&A versus payout, I think that we already said before during the presentation, the dividend policy is a priority for the company, and it's a cornerstone in our strategy. But the right answer is to say, yes, that I think that we can manage the current payout level and to take action and to be more active on M&A opportunities for the time being as far as we are looking for small or midsized companies.

Next question is from BNP Paribas. We still see some deterioration in Iberia margins at similar levels than Q3 despite the measures taken to solve the issues with El Mosca. Could you detail the initiatives taken and you expect to turnaround in Iberia margins in the coming quarters? And then there's another one regarding M&A is how is the M&A situation after several years without big activity? Does the performance of El Mosca make you more cautious on what to acquire?

Pedro, will take the first one. The main deterioration -- reason of the margin deterioration in Iberia is coming from El Mosca and Carbo. So further details, we have already mentioned most of them in El Mosca, looking for full integration with freight, changing new management, simplifying the company's structure, revenue optimization, trying to find more -- shift to more international transport where the optimization of the tariffs is even higher. Many things that we have a little bit explained further in the presentation with El Mosca.

When it comes to Carbo, we are even accelerating more of that integration with Parcel that both Parcel and Carbo has had healthy growth during 2025, but we have a lot of work to do in that integration. We also changed the leadership of -- to lead that Carbo-Parcel integration, integration of the distribution network in Carbo, obviously, cost control, but more flexibility on distribution costs, subcontracting certain routes, extra commercial efforts, so putting a lot of effort on the top line, keep on increasing and gaining more clients in a profitable way and also through the integration and optimization of routes and use of the warehouses and rents of those warehouses, trying to find the appropriate cost structure to make the final turnaround.

Okay. Paco, this is Inigo speaking regarding the M&A. I think that I already mentioned, we have the idea to be more active or more focused on M&A in '26 because as I mentioned to you before, during '25, we decided to be more focused on the integration of restructuring of El Mosca and Carbo.

And then regarding the performance of El Mosca, we have to be more cautious or not in the acquisitions. The fair answer is to say, yes. I think that in the transport sector, we have to be more cautious on that, taking into consideration our current experience with El Mosca.

Next question from Kepler Cheuvreux. Are you seeing further improvement in Q1 2026 in France tobacco distribution volumes after a better Q4 2025? And another question is, Logista said it was considering a relevant M&A operation in 2025. Why is that being delayed?

Well, Inigo speaking, Julian, regarding the French tobacco volumes, I think that you are right. And the Q4 was better than the trend coming from the previous quarters. Let's see what happens in France. I think that now French government when the price of a pack that is over EUR 13 per pack is less aggressive in tariff increases [ in Peru ], we see some stabilization on the volumes in France. But we are not sure. And in the budget regarding the French unit, we are being very conservative.

Already said that for last fiscal year '24, '25, we took a decision to be more focused on the integration of the companies. And because of that, more than a delay it, we put on hold a couple of opportunities, and this is -- but now on '26, if I already said we have the idea to be more active on that and to reactivate any operation that we had in the pipeline in the past.

Next question comes from CaixaBank. Why the slowdown at economic sales in Pharma division in Iberia during Q4, plus 4% in Q4 versus plus 12% in the 9 months. And the next question is, what nonrecurring costs do you expect for 2026 relating with the restructure of El Mosca?

Filipe, this is Pedro speaking. The slowdown has -- on pharma has pretty much calendar effects. So when you compare with 2024, we are in an advanced campaign of solar products in Q3, so that it compares different. And then there has been a delay in the vaccine campaign in Q4. So we are going to see later. But overall, when you see different growth on 9 months versus Q4 2024, 2025, could look different, but the overall growth, as you can see, remains the same.

Okay. Sorry, on the one-off, yes, the one-off is linked to nonoperating matters, which we are currently reviewing in depth. We can give much more information other than confirming that this is only applicable to fiscal year 2025 and will not roll over to '26.

Thank you very much. The rest of the questions that came in have been answered throughout the other questions that we have received, and we have no new questions coming. Thank you, everybody, for joining us for our full year presentation, and we are available at Investor Relations whenever needed. Thank you.