Logista Holdings

Investor Presentation • May 5, 2023

Results Presentation H1-2023

May 5th, 2023

Disclaimer

• This document has been prepared by Compañía deDistribución Integral Logista Holdings, S. A. ("Logista Holdings" or "the Company")forinformation purposes, and does not constitute an offer of purchase, sale or exchange, nor an invitation for an offer of purchase,sale or exchange of shares of the Company, nor any advice or recommendation with respect to such shares.

• This document contains certain statements that constitute or may constitute forward-looking statements about the Company, including financial projections and estimates and their underlying assumptions, which are no guarantee of future performance or results, and are subject to risks, uncertainties and other important factors, beyond the control of Logista Holdings,that could cause final performance orresultsmaterially differentfrom those expressed in these statements. These risks and uncertaintiesinclude those discussed oridentified in the documentsfiledby LogistaHoldingswith the relevant SecuritiesMarketsRegulators, and in particular,with the SpanishMarketRegulator.

• Analysts and investors are cautioned not to place any reliance on such forward-looking statements, which reflect knowledge and information available as of the date of this document. The Company does not undertake to update or publicly revise these forward- looking statementsin case unforeseen changes or events occur which could invalidate them, even ifthose changesor eventsmake it clearthatthe statementswill not be valid.

• Finally, itshould be noted that this document may contain information which has not been audited and may contain summarized information. Thisinformation issubject to, and must be read in conjunctionwith, all otherpubliclyavailableinformation,including,if necessary, any fullerdisclosuredocument publishedby LogistaHoldings.

Key Highlights

H1-2023 Key Highlights

Good Financial Performance¹

• 1. Economic Sales of 834M€ +40% YoY
• 1. Adj. EBIT of 183M€ + 23% YoY
• 1. Net Profit of 126M€ + 43% YoY

Integration of the 3 acquisitions

• 1. Speedlink
• 1. Carbó Collbatallé
• 1. Transportes El Mosca

Strong Commitment towards ESG

• 1. Reaffirmation of independent rating firms
• 1. New ratings obtained

Strong performance allows for guidance review

Key FinancialHighlights¹

• Revenues of 5,935M€ +9% YoY

• Strong increase in Economic Sales up to 834M€ +40% YoY

• Iberia: 548M€ +62% YoY
• Italy: 177M€ +13% YoY
• France: 111M€ +5% YoY

• AdjustedEBIT of 183M€ +23% YoY

• Including 24M€ of profiton inventorybooked during the period

• Net Profit of 126M€ +43% YoY

• ➢ Integration with Courier business since February 16th, 2022

• ➢ Business Line:
• B2B express deliveries to/from Belgium and the Netherlands for healthcare, high-tech, automotive and e-commerce sectors
• ➢ Initial Synergies implementation
• o Cross-selling

• o New contracts for Nacex in Spain with Speedlink clients

• ➢ Integration with Parcel Business since October 1st , 2022

• ➢ Business Line:

frozen and refrigerated transport and logistics in the food sector

• ➢ Initial Synergies implementation
• o Combination of long-distance routes
• o Combination of platforms within the same city

• o Last mile delivery synergies in Madrid and Barcelona

• ➢ Integration with Long-Distance Haul Business since October 28th, 2022

• ➢ Business Line:

frozen and refrigerated national and international road and maritime transport

➢ Initial Synergies implementation

• o Equipment of trucks with Security Systems to transport high value goods
• o Combination of long-distance routes
• o New GDP¹certificate enabling pharma distribution

Strong ESG commitment widely recognised

• Logista is member of different ESG indices (FTSE4Good IBEX, IBEX Gender Equality, Bloomberg GEI)

• Logista reinforces its position, reaching top positions in different ESG ratings (MSCI, CDP, Sustainalytics, S&P)

• Strong commitment to quality, sustainability and continuous improvement across all our business activities and operations supported by numerous certificates which confirm it

Logista stands within 9% of the best valued companies in its industry and within 1% in Environmental matters in its industry

Logista is part of this index since 2016

Rating AA Rated on a AAA to CCC scale

Sustainalytics Industry Top Rated ESG Risk Rating: 13.7/100 -low risk ESG Rating: 11/365 Transportation

Financial Times recognizes Logista as a leading European Company in diversity and inclusion for 3 consecutiveyears

Inclusion in the Bloomberg Gender Equality Index in 2023

Leadership Category Rating A- Rated on a A to D scale

CDP Supplier Engagement Leader board 2022 (3rd year on a row)

Business Overview

REVENUES ECONOMIC SALES ADJ. EBIT

❖ Tobacco Distribution

• Total tobacco volume²distributed stable thanks to a strong increase in NGP volumes which compensates a 1% decrease in traditional tobacco volume
• Change in InventoriesValue of 22.5M€ after change in tobacco prices in Spain of all major tobacco manufacturers

❖ Convenience Distribution

• Double digit YoY¹ growth on Economic Sales for the period
• New distribution channels (restaurants) and new products

❖ Transport

• Total Transport division doubling last year Economic Sales backed both by new acquisitions and double digit organic growth
• Long Distance transport with double digit organic growth and further growth with El Mosca integration
• Strong increase in Industrial Parcel Economic Sales backed by double digit organic growth and integration of Carbó Collbatallé
• Total Courier Business with double digit growth supported by a single digit organic growth and the integration of Speedlink

❖ Pharma

• Despite reduction of covid related sales, Economic sales grew by 4%
• Double digit growth on revenues coming from new services sold to existing clients

❖ Publications

▪ Logista has secured a new contract with RBA to be their sole distributor, effective in Q3-23

104

+35%

Italy Financial Highlights (H1-2023 M€, YoY¹ %)

• ❖ Tobacco Distribution
• Total tobacco volume²distributed increased by c. 2% backed by a strong increase of NGP products which offset a 1% decrease in traditional tobacco distribution
• Change in InventoriesValue of -2.6M€ after tax increase during the first quarter which was partially compensated with price increase in February and March of 0.10- 0.30€/Pack (20u) of some of the main tobacco manufacturers.

❖ Convenience Distribution

▪ Strong double digit growth in retail sales, driven by the sale of NGP products and new products sold

France Financial Highlights (H1-2023 M€,YoY¹%)

• ❖ Tobacco Distribution
• Total tobacco volume²distributed declined by 4.6%
• Strong increase in electronic cigarettes distribution
• Accretive change in Inventories Value of 3.9M€ after tax increase effective as of March 1 st, which was compensated with an average price increase of 0.50-1.00€/Pack (20u) of some of the main manufacturers.

❖ Convenience Distribution

▪ Single digit growth in convenience sales driven by sales of NGP products

Main Financials

Economic Sales

• Positive performance in all major activities in Iberia, Italy and France
• Strong contribution coming from new acquisitions in Iberia
• Profit on inventory driven by the changes in tobacco pricing and taxes

Adjusted EBIT

▪ 23% YoY¹ growth driven by new acquisitions and good performance of the organic business

Reported EBIT

▪ 14% YoY¹ growth up to 146M€ after registering restructuring costs of 12M€, most of it linked to the closure of a warehouse in France following the optimization strategy of the company

Financial Results

• +29M€ financial income vs.9M€ last year thanks to the increase in interest rates
• Average European Central Bank interest rate for the period of 2.3% + spread of 0.75%

Taxes

▪ Effective tax rate of 25.6% vs 26.8% last year

Discontinued Operations

▪ No discontinued operations in 2023

Net Profit

• 43% YoY¹ growth reflecting positive performance of the organic business, incorporation of the acquisitions and higher interest rates
• Earnings per share of €0.95 vs. €0.67

EBITDA

▪ Positive performance during the period for the organic business plus the consolidation of the acquisitions led to a 27% increase in EBITDA compared to the same period of the previous year.

Financial Results

▪ +28M€ financial results (cash) vs. 9M€ last year thanks to the increase in interest rates

Restructuring Costs

▪ Includes 5M€ of restructuringpaid during the period. There are additional restructuring costs provisioned in the period for the closing of a warehouse in France following our strategy of optimizing the French operations

Capex

▪ 28M€ of capex during the period including investments in new installations within warehouses of Italy and Pharma in Madrid allowing for more capacity while contributing to higher optimization and productivity.

Closing Remarks & Outlook

Closing Remarks

• Logista is completing the full integration of the latest acquisitions

• Actively working on implementing synergies between the different businesses, which will continue to reflect in Logista's accounts in the coming months and years

Following Logista'sstrategy we continue to look for small and mid size opportunities in which to grow the company through new acquisitions

• Strong results obtained during the first half of 2023

• Positive change on inventory value for the period of 24M€

• Benefitting from a high interest rate environment

Solid ESG commitment confirmed by the inclusion in different ESG indexes and high ESG rating scores

Outlook

Expected sustainable growth for recurring business

Strong contribution of the new acquisitions

2

1

• 3
• Relevant profit on inventory of which most has already been recorded in the first semester

Strong Performance allows for Guidance increase: FY 2023 Adjusted EBIT is expected to grow around 14% vs 2022

Appendix

M€	H1 2023	H1 2022	Δ%
Iberia M €	2,112.7	1,750.9 FY 2022 FY 2021	20.7%  %
Iberia Tobacco and related products	1,669.1	3,742.9 3,325.3 1,504.4	12.6% 10.9%
Tobacco and related products Transport Transport	416.3	3,251.1 2,875.6 220.6 457.5 411.3	13.1% 88.7% 11.2%
Pharmaceutical distribution Pharmaceutical distribution	120.3	206.5 180.8 104.1	14.2% 15.6%
Other businesses Other businesses Adjustments	9.1	18.4 18.2 9.4 (190.5) (160.6)	1.0% (3.2%) (18.6)%
Italy Adjustments	(102.2)	4,000.8 3,556.1 (87.6)	12.5% (16.6%)
Tobacco and related products Italy France	2,050.8	4,000.8 3,556.1 1,899.1 3,773.7 3,982.7	12.5% 8,0% (5.2)%
Tobacco and related products Tobacco and related products	2,050.8	3,773.7 3,982.7 1,899.1	(5.2)% 8.0%
Adjustments France Total Revenues	1,800.1	(53.7) (47.3) 1,829.0 11,463.6 10,816.8	(13.7)% (1.6%) 6.0%
Tobacco and related products	1,800.1	1,829.0	(1.6%)
Adjustments	(28.2)	(25.2)	(12.1%)
Total Revenues	5,935.4	5,453.8	8.8%

M€	H1 2023	H1 2022	Δ%
Iberia M €	547.8	337.4 FY 2022 FY	62.3% 2021 
Iberia Tobacco and related products	190.5	692.1 160.0	634.3 9.1% 19.1%
Tobacco and related products Transport Transport	336.4	332.0 154.7 318.1	303.2 9.5% 117.5% 290.5 9.5%
Pharmaceutical distribution Pharmaceutical distribution	46.4	90.3 44.5	83.2 8.6% 4.2%
Other businesses Other businesses Adjustments	8.7	17.6 9.0 (65.9)	17.4 1.6% (3.1%) (60.0) (9.9)%
Italy Adjustments	(34.3)	330.6 (30.8)	324.7 1.8% (11.2%)
Tobacco and related products Italy France	176.9	330.6 156.3 216.5	324.7 1.8% 13.2% 225.3 (3.9)%
Tobacco and related products Tobacco and related products	176.9	216.5 156.3	225.3 (3.9)% 13.2%
Adjustments France Total Revenues	111.3	(4.0) 105.6 1,235.2	(4.8) (16.2)% 5.4% 1,179.5 4.7%
Tobacco and related products	111.3	105.6	5.4%
Adjustments	(2.3)	(2.0)	(15.6%)
Total Economic Sales	833.8	597.4	39.6%

M€	H1 2023	H1 2022	Δ%
Iberia	104.4	77.4 FY 2022 FY 2021	34.9%  %
Italy	49.7	46.7 153.9 133.5	6.5% 15.2%
France	29.0	25.3 101.2 98.5	14.6% 2.8%
Total adjusted EBIT	183.1	149.4 57.4 65.6	22.6% (12.5)%

M€	H1 2023	H1 2022	Δ%
Revenues	5,935.4	5,453.8	8.8%
Economic sales	833.8	597.4	39.6%
(-) Operating cost of logistics networks1	(570.8)	(380.6)	(50.0%)
(-) Commercial operating expenses1	(33.4)	(25.5)	(31.0%)
(-) Operating expenditure on research and central offices1	(46.5)	(42.0)	(10.8%)
M € Total operating costs1	FY 2022 (650.7)	FY 2021 (448.0)	CHANGE (45.2%)
EBITDA Adjusted EBIT1	383.3 183.1	370.4 149.4	12.9 22.6%
Restructuring & Other Payments Margin1%	(37.3) 22.0%	(19.5) 25.0%	(17.8) (300) p.b.
Financial Result (-) Restructuring costs1	19.2 (12.3)	20.2 (3.0)	(1.1) (306.1%)
Normalised Taxes (-) Amort. Assets acquired	(86.3) (26.5)	(78.6) (26.1)	(7.8) (1.4%)
Net Investments (+/-) Profit/(loss) on disposal and impairment	(20.7) (0.1)	(33.5) 5.8	(12.8) (101.7%)
Normalised Cash Flow (+/-) Profit/(loss) from equity-accounting companies	258.1 1.8	259.1 2.2	(1.0) (17.6%)
Operating profit Variation in Working Capital	146.1 270.2	128.3 (609.3)	13.8% 879.5
(+) Financial income Effect of cut-off date on taxes	29.3 66.6	8.6 14.4	242.3% 52.5
(-) Financial expenses M&A	(3.8) (15.2)	(0.9) —	(315.6%) (15.2)
Profit/(loss) before tax Free Cash Flow	171.5 579.7	135.9 (335.8)	26.2% 915.5
(-) Corporate income tax	(43.9)	(36.4)	(20.5%)
Effective tax rate	25.6%	26.8%	(120) p.b.
(+/-) Profit/(loss) on discontinued operations	-	(11.5)	n.m.
(+/-) Other income/(expenses)	-	-	-
(-) Non-controlling interests	(1.8)	(0.2)	n.m.
Net profit	125.8	87.9	43.2%

M€	H1 2023	H1 2022	Change
EBITDA M €	235.2 FY 2022	184.8 FY 2021	50.4 CHANGE
Restructuring and other payments EBITDA	383.3 (5.0)	370.4 (27.8)	22.8 12.9
Restructuring & Other Payments Net financial income/(expense)	(37.3) 28.2	(19.5) 8.7	(17.8) 19.5
Financial Result Normalised taxes Normalised Taxes	19.2 (49.9) (86.3)	20.2 (42.1) (78.6)	(1.1) (7.8) (7.8)
Investment Net Investments	(28.0) (20.7)	(20.5) (33.5)	(7.6) (12.8)
Normalised Cash Flow Rent payments	258.1 (28.2)	259.1 (17.1)	(1.0) (11.0)
Variation in Working Capital Normalised Cash Flow Effect of cut-off date on taxes	270.2 152.4 66.6	(609.3) 86.0 14.4	879.5 66.3 52.5
Change in working capital M&A	(480.7) (15.2)	(46.7) —	(433.9) (15.2)
Free Cash Flow Effect of cut-off date on taxes	579.7 26.7	(335.8) 53.9	915.5 (27.3)
Divestments	0.2	13.3	(13.1)
Company acquisitions (M&A)	(154.0)	(15.2)	(138.8)
Free Cash Flow	(455.4)	91.4	(546.8)

M€	March 2023	September 2022
M € Property, plant and equipment and other fixed assets PP&E and other Fixed Assets	30 September 2022 457.8 322.1	30 September 2021 322.1 320.6
Net long-term financial investments Net Long-Term Financial Assets	25.0 21.0	21.0 19.8
Net Net goodwill Goodwill	1,047.9 932.4	920.8 932.4
Other Intangible Assets Other intangible assets	312.8 286.5	354.0 312.8
Deferred Tax Assets Deferred tax assets	11.1 10.8	14.5 11.1
Net Inventory Net inventory	1,529.2 1,653.2	1,467.1 1,529.2
Net Receivables Net receivables and other Cash & Cash Equivalents	1,916.9 2,062.6 2,648.3	2,150.7 1,916.9 2,298.7
Cash and cash equivalents Assets held for sale	2,068.3 0.3	2,648.3 41.6
Held-for-sale assets	0.3 7,694.0	0.3 7,587.8
Total Assets Total Assets	7,612.3	7,694.0
Group Equity Shareholders' funds Minority interests	562.0 513.5 4.7	523.6 562.0 0.8
Non-controlling interests Non-Current Liabilities	6.5 132.8	4.7 137.1
Non-current liabilities Deferred Tax Liabilities	291.8 231.7	132.8 239.3
Deferred tax liabilities Short Term Financial Debt	226.5 40.8	231.7 72.4
Short Term Provisions Short-term borrowings	6.7 67.1	7.3 40.8
Trade and Other Payables Short-term provisions	6,715.3 15.1	6,566.0 6.7
Liabilities associated with assets held for sale Trade and other receivables	0.0 6,491.8	41.3 6,715.3
Total Liabilities Liabilities linked to assets held for sale	7,694.0 -	7,587.8 -
Total Liabilities	7,612.3	7,694.0

Economic Sales: equivalent to Gross Profit, and used without distinction by the Group's Management to refer to the figure resulting from subtracting Procurements from the Revenue figure.

The Group's Management considers that this figure is a meaningful measure of the fee revenue which we generate from performing our distribution services, and provides investors with a useful view of the Group's financial performance.

M€	H1 2023	H1 2022
Revenues	5,935.4	5,453.8
Procurements	(5,101.6)	(4,856.4)
Economic Sales (Gross Profit)	833.8	597.4

Adjusted Operating Profit (Adjusted EBIT): This indicator is calculated, basically, by deducting from the Operating Profit those costs that are not directly related to the revenue obtained by the Group in each period, thus facilitating the analysis of the Group's operating costs and margins.

The Adjusted Operating Profit (Adjusted EBIT) is the main indicator used by the Group's Management to analyse and measure the progress of the business.

M€	H1 2023	H1 2022
Adjusted EBIT /Operating Profit	183.1	149.4
(-) Restructuring Costs	(12.3)	(3.0)
(-) Amortization of Acquired Assets	(26.5)	(26.1)
(+/-) Net Loss of Disposals and Impairment of Non-Current Assets	(0.1)	5.8
(+/-) Share of Results of Companies and Other	1.8	2.2
EBIT (Profit from Operations)	146.1	128.3

Adjusted Operating Profit margin over Economic Sales: calculated as Adjusted Operating Profit divided by Economic Sales (or, indistinctly, Gross Profit).

This ratio is the main indicator used by the Group's Management to analyse and measure the profitability obtained by the Group's typical activity in a given period.

M€	H1 2023	H1 2022	%
Economic Sales	833.8	597.4	39.6%
Adjusted EBIT	183.1	149.4	22.6%
Margin over Economic Sales	22.0%	25.0%	(300p.b.)

Operating costs: these include the costs of logistics networks, commercial expenses, research expenses and head office expenses that are directly related to the revenues obtained by the Group in each period. It is the main figure used by the Group's Management to analyse and measure the performance of the costs structure. It does not include restructuring costs or amortisation of the assets derived from the acquisition of Logista France, because they are not directly related to the revenues obtained by the Group in each period.

Operating costs of each segment do not include the expenses of the corporate centre. However, the expenses of the corporate centre are included in the total Group's operating costs in order to show the operating behaviour of each geographical area.

Reconciliation with Interim Consolidated Financial Statements:

M€	H1 2023	H1 2022
Logistics network costs	608.2	409.0
Commercial expenses	33.4	25.5
Research expenses	1.2	0.9
Head office expenses	(46.7)	(41.8)
(-) Restructuring costs	(12.3)	(3.0)
(-) Amortisation of Assets Logista France	(26.5)	(26.1)
Operating Costs or Expenses in management accounts	650.7	448.0

Non-recurring costs: This term refers to those expenses which, although they might occur in more than one period, do not have continuity in time (unlike operating expenses) and only affect the accounts at a specific moment.

This figure helps the Group's Management to analyse and measure the performance of the Group's activity in each period.

Recurring operating costs: this term refers to those expenses which occur continuously and which allow the Group's activity to be sustained. They are calculated from the total operating costs minus the non-recurring costs defined in the previous point.

This figure helps the Group's Management to analyse and measure efficiency in the activities carried out by the Group.

Restructuring costs: are the costs incurred by the Group to increase the operating, administrative and commercial efficiency in our organisation, including the costs related to re-organisation, dismissals and closures or transfers of warehouses or other installations.

Non-recurring results: this termrefers to the year's results that do not have continuity during the year and only affect the accounts at a specific moment. Their amount is included in the operating profit.

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