Isabel Troya

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?

Pedro Agustín Losada Hernández
Chief Financial Officer

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