Good morning, everyone, and welcome to Logista's fiscal year 2026 results presentation. I'm Isabel Troya, Head of IR at Logista.

Today, Íñigo Meirás, our CEO, and Pedro Losada, our CFO, will walk you through the results of the year. Following the presentation, we will hold a Q&A session to address the questions submitted throughout the platform.

You can submit your questions at any time during the presentation. Now, Íñigo will proceed with the results.

Íñigo, if you may.

Thank you, Isabel. Good morning, everyone, and thank you for joining us today.

I will begin with the key highlights of fiscal year 2026. Pedro will then take you through the regional performance and consolidated financial results before I return to share our closing remarks and priorities for fiscal year 2027.

Let me begin with four key messages from our fiscal year 2026 performance. First, we delivered the underlying growth set out in our fiscal year 2026 guidance, with mid-single-digit growth in adjusted EBIT, excluding profit on inventory.

This was supported by the good performance of our traditional businesses in Iberia and Italy, while the recovery in transport continues to gain traction. Second, our defensive and diversified business model once again demonstrated its resilience in a complex macroeconomic environment.

Pricing and cost recovery mechanisms, together with disciplined cost management, enabled us to offset higher fuel costs and mitigate the main pressures during the year. Third, we remain firmly committed to shareholder remuneration.

At the upcoming General Shareholders' Meeting, we will propose a dividend of €2.17 per share, which represents an increase of 3.8% year-on-year. Finally, we continue to execute on our ESG commitments.

As we conclude our first sustainability plan, covering 2024 to 2026, we have also defined a new roadmap that will guide our priorities through 2030. Let me now take you through each of these highlights in more detail.

The group's financial performance gives a clear picture of the year. Revenues reached €13.8 billion, up 2.2%, while economic sales increased by 1.7% to €1.8 billion.

Adjusted EBIT rose by 3.3% to €391 million. Excluding profit on inventory, underlying adjusted EBIT grew at a mid-single-digit rate, in line with our 2026 guidance.

Reported adjusted EBIT included €36 million of profit on inventory, following excise tax and tobacco retail prices movements. Net profit reached €282 million, up 0.3% year-on-year.

Looking at economic sales by region, Iberia grew by 1.1% to almost €1.2 billion, Italy increased by 5.3% to €457 million, and France declined by 2.1% to €207 million. Overall, these results reflect solid underlying execution across the group.

Before Pedro takes you through the regional detail, let me explain how our business model helped us navigate the macroeconomic environment. Let me now turn to the macroeconomic environment.

Despite continuing macroeconomic and geopolitical uncertainty, Logista delivered resilient performance throughout the year, supported by our defensive business mix, contractual protection mechanisms, and disciplined cost management. Energy and fuel price volatility increased transportation costs.

However, pricing and cost recovery mechanisms, together with cost management discipline, helped us offset these pressures and preserve the profitability of our operations. Inflation also continued to increase transportation and operating costs.

Inflation-linked clauses, tariff adjustments, and disciplined cost management helped protect operational margins. At the same time, softer demand affected volumes in selected activities, particularly in some transport businesses, which faced lower activity and margin pressure.

Nevertheless, our operational improvement initiatives delivered positive results, while our diversified portfolio and defensive business mix continued to support resilient performance. On the opportunistic side, Logista has no financial debt, but earns financial income through its credit line agreement.

Higher interest rates, therefore, benefited our financial results once reflected in the remuneration applied under the agreement. Overall, while uncertainty remains, our business model and disciplined management leave us well positioned to navigate the environment and continue delivering resilient performance.

This resilience also supports our commitment to shareholder remuneration. For fiscal year 2026, we are proposing a gross dividend of €2.17 per share, representing an increase of 3.8% compared with 2025, after two years of stable dividends.

The proposal comprises the €0.58 interim dividend already paid in August 2026 and €1.59 final dividend, subject to approval of the General Shareholders' Meeting. This represents a total distribution of €288 million.

Supported by resilient cash generation, Izabel Troya (Head of IR): Good morning, everyone, and welcome to Logista's fiscal year 2026 results presentation. I'm Izabel Troya, Head of IR at Logista.

Today, Íñigo Meirás, our CEO, and Pedro Losada, our CFO, will walk you through the results of the year. Following the presentation, we will hold a Q&A session to address the questions submitted throughout the platform.

You can submit your questions at any time during the presentation. Now, Íñigo will proceed with the results.

Íñigo, if you may. Thank you, Isabel.

Good morning, everyone, and thank you for joining us today. I will begin with the key highlights of fiscal year 2026.

Pedro will then take you through the regional performance and consolidated financial results before I return to share our closing remarks and priorities for fiscal year 2027. Let me begin with four key messages from our fiscal year 2026 performance.

First, we delivered the underlying growth set out in our fiscal year 2026 guidance, with mid-single-digit growth in adjusted EBIT, excluding profit on inventory. This was supported by the good performance of our traditional businesses in Iberia and Italy, while the Izabel Troya (Head of IR): Good morning, everyone, and welcome to Logista's fiscal year 2026 results presentation.

I'm Izabel Troya, Head of IR at Logista. Today, Íñigo Meirás, our CEO, and Pedro Losada, our CFO, will walk you through the results of the year.

Following the presentation, we will hold a Q&A session to address the questions submitted throughout the platform. You can submit your questions at any time during the presentation.

Now, Íñigo will proceed with the results. Íñigo, if you may.

Thank you, Isabel. Good morning, everyone, and thank you for joining us today.

I will begin with the key highlights of fiscal year 2026. Pedro will then take you through the regional performance and consolidated financial results before I return to share our closing remarks and priorities for fiscal year 2027.

Let me begin with four key messages from our fiscal year 2026 performance. First, we delivered the underlying growth set out in our fiscal year 2026 guidance, with mid-single-digit growth in adjusted EBIT, excluding profit on inventory.

This was supported by the good performance of our traditional businesses in Iberia and Italy, while the recovery in transport continues to gain traction. Second, our defensive and diversified business model once again demonstrated its resilience in a complex macroeconomic environment.

Pricing and cost recovery mechanisms, together with disciplined cost management, enabled us to offset higher fuel costs and mitigate the main pressures during the year. Third, we remain firmly committed to shareholder remuneration.

At the upcoming General Shareholders' Meeting, we will propose a dividend of €2.17 per share, which represents an increase of 3.8% year-on-year. Finally, we continue to execute on our ESG commitments.

As we conclude our first sustainability plan, covering 2024 to 2026, we have also defined a new roadmap that will guide our priorities through 2030. Let me now take you through each of these highlights in more detail.

The group's financial performance gives a clear picture of the year. Revenues reached €13.8 billion, up 2.2%, while economic sales increased by 1.7% to €1.8 billion.

Adjusted EBIT rose by 3.3% to €391 million. Excluding profit on inventory, underlying adjusted EBIT grew at a mid-single-digit rate, in line with our 2026 guidance.

Reported adjusted EBIT included €36 million of profit on inventory, following excise tax and tobacco retail prices movements. Net profit reached €282 million, up 0.3% year-on-year.

Looking at economic sales by region, Iberia grew by 1.1% to almost €1.2 billion, Italy increased by 5.3% to €457 million, and France declined by 2.1% to €207 million. Overall, these results reflect solid underlying execution across the group.

Before Pedro takes you through the regional detail, let me explain how our business model helped us navigate the macroeconomic environment. Let me now turn to the macroeconomic environment.

Despite continuing macroeconomic and geopolitical uncertainty, Logista delivered resilient performance throughout the year, supported by our defensive business mix, contractual protection mechanisms, and disciplined cost management. Energy and fuel price volatility increased transportation costs.

However, pricing and cost recovery mechanisms, together with cost management discipline, helped us offset these pressures and preserve the profitability of our operations. Inflation also continued to increase transportation and operating costs.

Inflation-linked clauses, tariff adjustments, and disciplined cost management helped protect operational margins. At the same time, softer demand affected volumes in selected activities, particularly in some transport businesses, which faced lower activity and margin pressure.

Nevertheless, our operational improvement initiatives delivered positive results, while our diversified portfolio and defensive business mix continued to support resilient performance. On the opportunistic side, Logista has no financial debt, but earns financial income through its credit line agreement.

Higher interest rates, therefore, benefited our financial results once reflected in the remuneration applied under the agreement. Overall, while uncertainty remains, our business model and disciplined management leave us well positioned to navigate the environment and continue delivering resilient performance.

This resilience also supports our commitment to shareholder remuneration. For fiscal year 2026, we are proposing a gross dividend of €2.17 per share, representing an increase of 3.8% compared with 2025, after two years of stable dividends.

The proposal comprises the €0.58 interim dividend already paid in August 2026 and €1.59 final dividend, subject to approval of the General Shareholders' Meeting. This represents a total distribution of €288 million.

Supported by resilient cash generation, this dividend proposal reinforces our commitment to attractive and sustainable shareholder remuneration. Looking at our track record since the IPO, Logista has distributed more than €2.25 billion to shareholders, equivalent to a cumulative gross dividend of €16.99 per share.

This accumulated dividend is close to €4 higher than the €13 IPO price, meaning that shareholders have received gross dividends equivalent to 131% of the original offer price before taking into account any share price appreciation. Annual distributions have increased from €98 million in 2015 to a proposed record €288 million in this fiscal year, up 3.8% year-on-year and marking a new high after the two stable years.

This track record reflects our strong and sustained commitment to shareholder remuneration, which remains a key priority for Logista. Creating long-term value also means delivering our sustainability commitments.

Today, we published Logista's sustainability report, which provides full details of our performance and progress across all environmental, social, and governance priorities. On the environmental front, I would like to highlight the achievement of two of our fiscal year 2026 targets.

We reached our goal of operating 90% of kilometers with a sustainable fleet, and exceeded our target of 33,800 NGP recycling points of sale in Italy, Spain, and France, reaching more than 37,000. On our social priorities, we also achieved the two targets highlighted here.

Women represented 32% of upper and middle management, exceeding our objective of more than 30%, while we won our target of 50% female representation among candidates reaching the final stage of recruitment processes. From a governance perspective, we strengthened data protection awareness through targeted training initiatives and advanced sustainable procurement by introducing ESG monitoring across the value chain.

Looking ahead, a relevant commitment for our 2027-2030 roadmap is our net zero ambition: achieving net zero across Scopes 1 and 2 by 2030 and across Scope 3 by 2050. This ambition reinforces the integration of climate action into our strategy and our commitment to recognized sustainability best practice.

The roadmap is also structured around the five social pillars: health, safety and well-being, talent, diversity, engagement, and social contribution. We will also continue strengthening our governance capabilities across ethics, compliance, risk management, resilience, cybersecurity, and data protection.

Together, these priorities define the next phase of our sustainability ambition. With those strategic highlights in mind, I will now hand over to Pedro, who will take you through our regional performance and consolidated financial results.

Pedro, over to you.

Thank you, Íñigo. Let me start with Iberia, our largest market.

Economic sales increased by 1.1% to €1,183 million, while adjusted EBIT grew by 6.3% to €202 million. This performance was supported by the recovery in transport and the very good performance of Pharma, which more than offset the lower contribution from inventory gains in the tobacco business.

Looking at the main business drivers, in tobacco and related products, volumes across Spain and Portugal declined by 1.3% year-on-year. Economic sales fell slightly, mainly reflecting lower inventory gains of €24 million, €10 million below last year.

Value-added logistics services and recycling initiatives continue to progress. In long-distance transport, we continued throughout the year to implement a restructuring program aimed at restoring sustainable profitability.

On the revenue side, we improved the customer mix, increased our focus on international transport, and renegotiated contracts. On the cost side, we simplified the structure, tightened cost control, and improved fleet utilization and planning.

The first benefits of these measures are now beginning to show in the financial results. Logista Parcel remained resilient despite weaker frozen activity, while Nacex delivered high-single-digit growth in economic sales, mainly driven by increased shipments in Spain.

Nacex also continued to strengthen its international presence by opening a new platform in Portugal, expanding operational capacity and coverage across the Iberian market. Finally, across the transport segment, fuel price volatility arising from tensions in the Middle East created additional cost pressure, as Íñigo mentioned before.

Nevertheless, our operational and commercial measures, together with subsidies on fuel, enabled us to preserve profitability across the businesses. We will continue to monitor developments closely, but we remain well positioned to manage potential volatility.

In Pharma, strong economic sales growth was supported by new agreements and additional services, alongside positive performance across the pharmacy distribution channel. Finally, we successfully completed the sale of Logista Publicaciones on April 13th, 2026, in line with our strategy to streamline non-core activities.

Turning to Italy, economic sales increased by 5.3% to €457 million, while adjusted EBIT grew by 5.1% to €141 million. This performance reflects continued commercial momentum and growth in new product categories.

In tobacco distribution, total volumes remained broadly resilient, declining by just 0.9% year-on-year. Traditional cigarette volumes fell by 2.8%, but this was partially offset by strong growth in new product categories.

Excise duties on tobacco increased during the year, followed by tobacco retail prices increases by the main manufacturers. These changes generated a positive €7 million inventory effect, broadly in line with the previous year.

Turning to new generation products, heat-not-burn, the largest category in Italy after traditional cigarettes, continued to expand and maintained a significant market share in terms of volume distributed. Among the other new generation products, nicotine pouches grew strongly, while e-cigarette refills continued to increase at a more measured pace, although both still represent a small share of total volumes.

Finally, our NGP recycling initiative reached close to 32,000 participating tobacconists by year-end. Finally, in Pharma, we expanded both our client base and the services offered, while signing agreements with new clients.

Together with the contribution from the new warehouse in Northern Italy opened at the end of the previous fiscal year, these initiatives supported double-digit growth in economic sales. Turning to France, economic sales declined by 2.1% to €207 million, mainly reflecting the reduction in tobacco volumes distributed during the year.

Excise duties increased during the period and were subsequently offset by average retail price increases by the main tobacco manufacturers. Together, these tax and price movements generated an estimated positive inventory effect of approximately €5 million, compared with around €4 million in the previous year.

Volumes distributed across cigarettes and other tobacco products declined by 6.5% year-on-year. While volumes remained under pressure, the contraction was more moderate than in previous years.

In the retail business, we continued to strengthen our value proposition for tobacconists through enhanced services and greater operational efficiency. E-cigarette refill volumes also continued to grow, although at a more moderate pace than in the previous fiscal year, while the ban on nicotine pouches introduced in April 2026 had no impact on the business.

Having reviewed the regional results, let's go through the group's consolidated performance, starting with adjusted EBIT. As Íñigo mentioned earlier, we met our guidance of mid-single-digit growth in adjusted EBIT, excluding profit on inventory.

Positive underlying performance in Iberia and Italy supported a 3% increase in reported adjusted EBIT to €391 million, from €378 million in fiscal year 2025, despite a lower inventory contribution. Tobacco price and excise tax changes generated €36 million on profit on inventory, compared with €45 million last year.

Reported EBIT was broadly stable at €317 million. It included €13 million restructuring and other costs, primarily associated with the operational changes required to support sustained efficiency improvements in the coming years, as well as a €1 million impairment and other costs.

These items compare negatively with a €6 million capital gain from the sale of assets in Spain in the previous year. Net profit remained resilient at €282 million, slightly above fiscal year 2025.

Improvements in the underlying businesses, particularly in Iberia and Italy, largely offset the lower inventory contribution and restructuring and other non-recurring effects on operating profit. Higher financial income helped absorb the increased French tax burden, supporting the slight improvement in net profit.

Financial income reached €81 million. I will explain the main drivers of this performance in more detail on the next slide.

Taxes increased by €6 million, with the effective tax rate rising to 27.3% from 26.3% last year, mainly due to the extraordinary tax on large companies in France. As a result, earnings per share reached €2.13 per share, broadly in line with fiscal year 2025.

Overall, the improvement in our underlying businesses and resilient financial income supported this slight increase in net profit. Let me expand on the treasury dynamics behind the improvement in financial income.

Financial income increased to €81 million compared with €73 million in fiscal year 2025, despite the lower interest rate environment. The average remuneration rate, including the contractual spread, declined to 3.26% from 3.54% last year.

The contractual spread remained at 75 basis points and was applied to the relevant balance. This rate pressure was more than offset by the increase in an average cash balance to €2,294 million from €1,985 million in 2025.

As you can see in the bridge, higher average cash balances more than offset lower interest rates, supporting the increase in financial income. Other financial income includes interest received on the amount originally paid in the tax dispute, covering the period from payments to the favorable ruling from the Supreme Court in Spain, as well as income from a financial investment.

The refund on the original payment is reflected separately in cash flow. These earnings are also translated into cash generation.

EBITDA reached €505 million, 2% above the previous year, supported by the favorable performance of the business. Financial income contributed €78 million to cash flow.

Restructuring, other items, and taxes resulted in a net cash outflow of €121 million, including a €10 million refund of the original tax payment following the favorable Supreme Court ruling in Spain mentioned before. This refund offset the restructuring costs paid during the year.

Normalized taxes amounted to €122 million. CapEx amounted to €57 million, covering automation and capacity expansion at warehouses and distribution platforms, systems upgrades, and digital transformation projects to support operational efficiency and growth.

After lease payments of €78 million, normalized free cash flow reached €328 million. Overall, our recurring cash conversion continues to support shareholder remuneration, while reported free cash flow reflects the timing of working capital and tax-related flows.

Our commitment to the shareholder value is also reflected in Logista's stock market performance. During fiscal year 2026, the combination of our resilient share price and consistent dividend distributions delivered a total shareholder return of 27%.

For the fiscal year, the share price appreciated by 20%, having reached a record high of €37.56 per share during summer. Overall, this performance demonstrates the value created through both share price appreciation and of our sustained commitment to shareholder remuneration.

That completes our review of the regional performance, financial results, and cash generation for fiscal year 2026. I will now hand back to Íñigo for the closing remarks and our outlook for fiscal year 2027.

Íñigo, over to you.

Thank you, Pedro. Let me conclude with four reasons to remain confident in Logista's long-term investment case.

First, resilient operating performance. Our core activities in Iberia and Italy delivered positive underlying results, excluding inventory effects, while operational improvements in transport continue to progress.

Second, the strength of our defensive business model. Our diversified portfolio, effective pricing, and cost recovery mechanisms, and disciplined cost management help us remain resilient in a volatile macroeconomic environment.

Third, continued execution of our ESG commitments. The progress delivered through our 2024-2026 sustainability plan provides a strong foundation for the new 2027-2030 roadmap and the next phase of our sustainability ambition.

Finally, shareholder remuneration and value creation. Supported by solid cash generation, we are proposing a dividend of €2.17 per share, up 3.8% year-on-year.

Together, our resilient operating performance and cash generation underpin our sustained commitment to rewarding our shareholders. As we enter fiscal year 2027, our priorities are clear: profitable growth, disciplined capital allocation, and shareholder returns.

We expect adjusted EBIT, excluding profit on inventory, to grow at mid-single-digit rate. We will continue to pursue selective bolt-on acquisitions, focusing on small and mid-sized opportunities that broaden our geographical footprint and diversify our business portfolio.

Maintaining shareholder remuneration remains a key priority, and we intend to distribute a fiscal year 2027 dividend of at least €2.17 per share. With a focused portfolio and clear priorities, we enter the new fiscal year committed to profitable growth and continued value creation for our shareholders.

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 different questions sent out throughout the platform.

The first set of questions comes from Juan Cánovas, Bestinver. First question: dividend per share, earnings per share, how sustainable is this?

Next question: could you explain the strong financial income in Q4 and how much of it is one-off? The outlook of POI for 2027?

Next question is an update on the treasury agreement with Imperial Brands? Then there's a question of update on El Mosca now that the business has stabilized, what should we expect going forward?

Next question is on Carbó: as Carbó continues to be loss-making with very little improvement in 2026, what should we expect going forward? Next is Pharma: very strong sales performance, but operating profit remains broadly flat, why?

High restructuring costs, should we expect this trend going forward? The last question is, please, can you give an update on M&A?

Thanks, Juan, for your questions. Let me go through some of them, and others are going to be covered by Íñigo.

With respect to your first question on DPS above the EPS, it's true that we are talking about a dividend per share of €2.17 per share, whereas the EPS is €2.12 per share. We are talking about €7 million difference, it's not a big gap.

Besides, on your sustainability approach on the question, we need to remind that we have more than €1.3 billion reserves and more than €2.2 billion cash. It's true that we are reaching almost 100% payout with these financial figures, but remember that next year we are going to finalize the amortization of the PPA in France, since 2028 we will have a more spare on the net profit to keep on maintaining this level of dividend.

Remember that we only give guidance for dividend for next year, at least the one that we are paying on 2026, subject to the approval of the Shareholders' Meeting, but with these numbers, we are confident enough to maintain this guidance for 2027. With respect to the financial revenue and the increase of it, I think that we have already explained in the presentations the reasons why we are having such an increase versus 2025.

Despite the fact that the average interest rate for the whole year has been lower, the positive impacts throughout the year, particularly coming from changes on VAT payments in France and excise taxes in Italy, has allowed the company to maintain a higher average cash and, at the end, a higher financial revenue for the year. In this sense, your question with respect to the Imperial Brands loan agreement, I just remind the dates, this agreement goes up to June 2027, with the remuneration of the six months Euribor plus 75 basis points, but we need to agree in advance with them if we want to extend that before the end of this year.

December, six months in advance, December 2026, we will need to take a decision. As of today, we are evolving positively with Imperial, but we need to wait till that date to confirm whether we are going to extend that or not.

Then, with respect to your question on El Mosca, we have made many different initiatives during 2026 as we advanced throughout the year. We changed the management and implemented Logista compliance standards.

We are working on improving, and we have already done during the year, the quality of the analytical data, which allows us to make better informed decisions. El Mosca improved tariffs and applied fuel surcharges to support cost recovery, reduced the fleet, and renegotiated the vehicles rental contracts, while completing the rationalization of building and yard leases.

These measures complement the customer mix initiatives by aligning the operating cost base more closely with the activity level. We keep on doing many different things to cost control, to improve our numbers throughout the next years.

Probably main focus for next years is keep on achieving this optimization in the network, as well as looking for productivity, talking about routes, and again, client price mixes. We hope to be close to the finalization of the integration by the end of next year.

On your point with respect to Carbó, well, we don't talk about Carbó itself on a standalone basis anymore. It's already integrated in Logista Parcel, and we are getting a lot of synergies from that mix.

Logista Parcel delivered a tangible transport efficiency gains in 2026. Unit last-mile cost decreased by 3% and unit long-haul cost by 8.1%, supported by these greater synergies in Carbó and Parcel.

These gains were achieved despite commercial challenges, but we are keep on growing in clients, focusing also in our Pharma clients, and again, trying to look for more productivity, optimization of the routes and the network. One of the key elements will be for next year our commercial efforts, and we are structuring the commercial organization, strengthening the sales team with more than 20 representatives, and that will give us the recovery, the full recovery of the unit that, as I said, is already embedded in Logista Parcel.

Then, the final point from my side will be the restructuring cost. It's true that we reached this €13 million, with some, to say, one-off that is more related to externalization of cost in warehouses in Spain and optimizations of the network that we are expecting to execute during 2027 in Italy.

That's one of the main reasons why the number is a little bit higher than other years, because the remaining part is part of the normal restructuring cost on a yearly basis that we've got here in Logista.

Thank you, Pedro, and good morning, everyone. This is Íñigo Meirás speaking now, and I'm taking one question from Juan Cánovas, but there are more questions from other investors or analysts regarding the M&A, and the idea is to share with you an update on that topic, no?

During this year, we have been working on three opportunities. In one case, we lost out on price.

That was an operation in France. The name of that company was Deret, D-E-R-E-T, and we like a lot that opportunity because it's a contract logistics operator based in France, 100% of the revenues in France, and they were dealing with long-term contracts with the luxury sector, because they are the contract logistics for Hermès or Sephora, as an example, no?

At the end, we ran a competitive process against others, and at the end, the winner was Geodis, the French group. They won on price, and at the end of the day, we do our best to try to take over the company, but at the end we were wrong.

I don't know if we were wrong or right, but the reality is that we didn't match the final price asking for the sellers. There are two other opportunities still alive, okay?

We are still working on them, and we will be able to provide you an update during the first half of this year, because in both, we are working on a bilateral basis with the sellers, different sellers. One opportunity is in Spain, the other opportunity is outside Spain, but it's in Europe.

Let's see what happens, because I think that we are positive with both. Until the end of those processes, you never know what happens there, no?

Until now, during the due diligence process, no red flags, which means that we at this moment are positive with these two opportunities as far as we already have an agreement on price, on valuation with the sellers, okay? There are questions about the geographies and the different businesses.

In terms of geographies, as I already mentioned, one is in Spain and the other one is in a new geography for Logista, but always in European Union. Regarding the sectors, in this case, it's not a new diversification, and we are working those operations within our core businesses.

There is another question if it's something related to transport or Pharma. In these two opportunities, both are not on transport or on the Pharma sector, okay?

That's all regarding the M&A. Then there are two other questions.

One of them is if we can share with you an outlook regarding the profit on inventory for fiscal year 2027. As that this is extremely difficult, and we prefer not to share with you what is our views on the profit on inventory, because it's depending on the decision that has to be taken by the tobacco manufacturers, and depending on price increases in each country.

As in the last two years, the most important market for POI was Spain, then Italy, and then France. Let's see what happens when the tobacco manufacturers take the decision to increase, if we have the opportunity to work with the stocks that we have in our warehouses and to optimize the POI.

The last question that Pedro didn't address, which is regarding Pharma. You are right, we have a good performance in terms of revenue, and in our opinion, we have a very good performance as well in terms of EBIT, with a growth on double-digit, over 10%, which means that we are very positive with the current performance on Pharma, the current one, and still we believe that we can extract more value for our current Pharma operations in Spain and in Italy.

Thank you. We can continue with the next questions that come from Julián Menéndez of Kepler.

He has four questions, two of which have already been answered, but the first one is: could you explain the reasons behind Italy's operating results and margins in Q4? How much of the business is tied to NGPs?

The second question is: what measures are you implemented in France to tackle the margins issue?

Thank you, Julián. To your first question, we don't see big differences in the Q4 in Italy's operating results and margin.

Are pretty much in line with Q3 and a little bit higher than Q4 2025. It's true that NGPs in the Italian market has a lot of penetration, close to 25% over the total volume of tobacco distributed.

The point probably when you make the numbers is whether you are including or not the POI impact, without it, don't big differences. If you compare, for example, Q4 2026 with Q4 2024, we have a decline on 3% on cigarettes, traditional cigarettes, and an increase on 6% in NGPs.

And 80% of that NGPs comes from the heat-not-burn products that it has, again, a lot of penetration in the Italian country.

Good morning, Julián. Regarding the second question, measures that we can implement in France to tackle the margin issues, I think that first of all, taking into consideration the current political momentum in France, remember that yesterday we had a national strike in France, and not in a position to share with you in detail our strategy to try to keep the margins in our French businesses.

What is clear is that we believe that we have some headroom through the optimization of the network to try to maintain, or at least to minimize, the negative impact in our margins in France, considering the drop in volumes in tobacco, which we see similar trend for this coming year.

Next questions are from Joaquín García of JB Capital. First question is on M&A, which we have already addressed.

Then is: underlying EBIT margins have continued to improve, supported by the recovery in transport and the strong performance of the Pharma business. Assuming current trends persist, how should we think about the group's normalized EBIT margin, excluding POI, over the medium term?

Do you still see meaningful scope for further margin expansion from current levels? Would 20% to 21% be a reasonable range for a more normalized margin profile?

Thanks, Joaquín. As we don't provide guidance for margin.

It's true that in the last year the transport sector impacted the consolidated margin. It's worth mentioning that when we look forward, we need to take into account, when we talk about margins, how we are going to be evolving with respect to our M&A activity.

As we mentioned in some of the cases, and depending on the subsectors of the logistics and transportation, we could end up with a dilution in the margin, taking into consideration the rest of the margins in the portfolio of Logista. Other than that, and that will depend on our successful M&A path, we will fight to maintain this level of margins with information that we've got today.

Thank you. Next question is from Filipe Leite of CaixaBank: Have the recent regulation changes affecting minimum parcels from non-EU e-commerce platforms had, or have they expected to have, any impact on Nacex or your long-distance transport activity?

Do you currently have any relevant fulfillment contracts with non-EU e-commerce players? Are you considering expanding this activity following the introductions of new fees on low-value parcels enter the EU from non-EU e-commerce?

Then there's a question of M&A, which we have addressed already.

Okay, Íñigo speaking again, and thank you for your question, Filipe. I think that a short answer, we didn't have any impact to the e-commerce Chinese boom, okay?

Because this is not because it's coming from China, it's because the low margins that we had a clear view that we don't like that business because it's very dilutive in terms of acquired businesses, for Nacex and for long-distance transport, as you mentioned. Because of that, we don't have and we didn't have any exposure to this Chinese boom, which means that this is not affecting us in terms of our numbers, no?

This is a strategic decision taken by us something like three years ago, and we are monitoring what happens there, probably is affecting other players in our markets, but is not a concern for us.

Thank you very much. That was all the questions we have received.

We're available at Investor Relations team should you have any more questions. Thank you, everybody, for attending our conference call today.