Letter from the Chairman

Dear shareholders,

It is my pleasure to present Logista’s 2022 Integrated Annual Report, which sets out the key information for all our business areas and operations and reports on the progress made in areas such as corporate operations, sustainability and talent among others as well as the financial information of this financial year.

Last year in this letter, we outlined how Logista was equipped to overcome the complexities brought about by the COVID-19 pandemic. One year on, while we may well have come out the other side of the pandemic – particularly since the start of H2 2022 – the onset of new macroeconomic and geopolitical challenges means we continue to face a complex landscape. The escalating cost of raw materials and fuel prices has led to soaring inflation and presented companies with an important challenge that has only been further exacerbated by the war between Russia and Ukraine. This is why I must take a moment to highlight Logista’s ability to continue to prosper in the face of adversity and underline the effort that has been made to drive international growth and diversify. There is no better example of this than the acquisition of Speedlink Worldwide Express and the announcement to acquire 60% of Transportes El Mosca and the remaining 40% over the next three years and to acquire 100% of Carbó Collbatallé – in line with the inorganic growth strategy announced.

Logista’s strength as a company is deserving of a particularly special mention, with its income statement highlights, economic sales and net profit, as well as its share price performance all paying testament to its resilience. As such, I would like to take this opportunity to extend a special thanks to each and every member of the Logista team, as it is thanks to their positive approach and dedicated teamwork that we can continue to forge a successful future together.

We are committed to offering our clients best-in-class services, deeply invested in innovation, sustainable growth and long-term value, tailoring our services to meet their specific and growing needs in a constantly-changing world.

As you will read further on, the board of directors has worked incredibly hard across all matters concerning corporate governance. However, of all the initiatives undertaken, I would particularly like to underline the approval of a new remuneration policy for 2022-2024, with the main aim of bringing the current policy into line with both the new requirements introduced by the Spanish Companies Act and Logista’s unwavering commitment to transparency and good governance. The policies governing the whistleblower channel and the Company’s internal auditing guidelines have also been updated.

We are more than aware of our role in society and we remain deeply committed to ensuring our Company has a positive social impact. Our business operations are one way in which we can do this, offering services to companies from a range of sectors that provide basic needs for society, such as the pharmaceutical and food industries for example. However, we must also focus on helping other groups in less fortunate situations. That is why we have designed a sustainability policy that aims to help the social integration of these groups through collaboration with specialist organisations.

One of our other main commitments is to sustainable development. Our quality and environment master plan establishes guidelines and best practices to optimise the use of resources and prevent pollution caused by its business processes in order to minimise the environmental footprint of our business. Route optimisation and the use of sustainable vehicles and energy are just some of the initiatives we have rolled out, with the Company receiving a variety of national and international awards and recognition for both these and all the other initiatives implemented. CDP, for example, has included Logista in its prestigious “A List” as a global leader in tackling climate change – the only European distribution company to have achieved this recognition in the last six years. Logista has also been named a Supplier Engagement Leader in recognition of its work to make its clients’ supply chains more sustainable. Our Company is also included in the FTSE4Good IBEX index, a list of organisations that demonstrate sound environmental, social and corporate governance practices, and has signed up to the ‘manifesto for a sustainable recovery’ in Spain.

Lastly, I would like to remind you of the Company’s commitment to diversity and equal opportunities for all those forming part of the Logista team. The accolades it has received are testament to the hard work and dedication that has gone into achieving these goals. The Financial Times, for example, has named Logista as one of Europe’s most inclusive companies, including it in its Diversity Leader ranking for a second consecutive year. Our inclusion programmes also earned us recognition as a Diversity Leading Company by the specialist publication Equipos y Talento. Lastly, it is also important to note that Logista is included in the IBEX Gender Equality Index, an index made up of the listed companies that have a ratio of between 25% and 75% of women on their board of directors and between 15% and 85% employed in senior management positions.

I would invite you to read this Integrated Annual Report to see a detailed account of everything the Company has achieved this financial year in terms of our operations, commitments and objectives, and to also take the time to consult our Annual Accounts, the Annual Corporate Governance Report and the Annual Board Remuneration Report

Lastly, I would like to extend my thanks to you, our shareholders, for your continued support to Logista and its entire team. I am confident that we will continue to deliver, successfully achieving our goals that will allow us to continue to grow and offer value-add to our clients, society and you as shareholders, strengthening our leading position in the markets in which we operate as we do so.

Thank you.

Gregorio Marañón