Reported Earnings • May 06
Second quarter 2026 earnings released: EPS: €0.49 (vs €0.56 in 2Q 2025) Second quarter 2026 results: EPS: €0.49 (down from €0.56 in 2Q 2025). Revenue: €3.19b (up 2.0% from 2Q 2025). Net income: €65.0m (down 12% from 2Q 2025). Profit margin: 2.0% (down from 2.4% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 67% p.a. on average during the next 3 years, while revenues in the Logistics industry in Europe are expected to grow by 1.7%. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Feb 19
Upcoming dividend of €1.24 per share Eligible shareholders must have bought the stock before 24 February 2026. Payment date: 26 February 2026. Payout ratio is on the higher end at 94%, however this is supported by cash flows. Trailing yield: 6.0%. Within top quartile of Spanish dividend payers (5.2%). Higher than average of industry peers (2.3%). Reported Earnings • Feb 07
First quarter 2026 earnings released: EPS: €0.54 (vs €0.58 in 1Q 2025) First quarter 2026 results: EPS: €0.54 (down from €0.58 in 1Q 2025). Revenue: €3.40b (up 3.3% from 1Q 2025). Net income: €71.0m (down 7.8% from 1Q 2025). Profit margin: 2.1% (down from 2.3% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 75% p.a. on average during the next 3 years, while revenues in the Logistics industry in Europe are expected to grow by 2.5%. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 12% per year. Declared Dividend • Feb 05
Final dividend of €1.24 announced Shareholders will receive a dividend of €1.24. Ex-date: 24th February 2026 Payment date: 26th February 2026 Dividend yield will be 5.1%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio). However, it is covered by cash flows (50% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 9.1% to bring the payout ratio under control. EPS is expected to grow by 7.5% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Duyuru • Dec 19
Logista Integral, S.A., Annual General Meeting, Feb 04, 2026 Logista Integral, S.A., Annual General Meeting, Feb 04, 2026. Location: calle trigo, 39, poligono industrial polvoranca, leganes, madrid Spain Buy Or Sell Opportunity • Dec 18
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 4.0% to €29.46. The fair value is estimated to be €24.47, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.3% over the last 3 years. Earnings per share has grown by 10%. For the next 3 years, revenue is forecast to decline by 71% per annum. Earnings are forecast to grow by 2.7% per annum over the same time period. Reported Earnings • Nov 09
Full year 2025 earnings: Revenues in line with analyst expectations Full year 2025 results: Revenue: €13.5b (up 4.2% from FY 2024). Net income: €281.0m (down 8.8% from FY 2024). Profit margin: 2.1% (down from 2.4% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Revenue is expected to decline by 82% p.a. on average during the next 3 years, while revenues in the Logistics industry in Europe are expected to grow by 4.6%. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 11% per year. New Risk • Nov 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.02% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.02% per year for the foreseeable future. Minor Risk Dividend is not well covered by earnings (97% payout ratio). Upcoming Dividend • Aug 19
Upcoming dividend of €0.45 per share Eligible shareholders must have bought the stock before 26 August 2025. Payment date: 28 August 2025. Payout ratio and cash payout ratio are on the higher end at 97% and 86% respectively. Trailing yield: 7.2%. Within top quartile of Spanish dividend payers (4.9%). Higher than average of industry peers (2.7%). Declared Dividend • Jul 21
Dividend of €0.45 announced Shareholders will receive a dividend of €0.45. Ex-date: 26th August 2025 Payment date: 28th August 2025 Dividend yield will be 6.2%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (86% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 3.6% over the next 3 years. However, it would need to fall by 21% to increase the payout ratio to a potentially unsustainable range. New Risk • Jul 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 09
Second quarter 2025 earnings released: EPS: €0.56 (vs €0.66 in 2Q 2024) Second quarter 2025 results: EPS: €0.56 (down from €0.66 in 2Q 2024). Revenue: €3.13b (up 3.1% from 2Q 2024). Net income: €73.9m (down 15% from 2Q 2024). Profit margin: 2.4% (down from 2.9% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 71% p.a. on average during the next 3 years, while revenues in the Logistics industry in Europe are expected to grow by 6.2%. Over the last 3 years on average, earnings per share has increased by 16% per year and the company’s share price has also increased by 16% per year. Buy Or Sell Opportunity • Apr 03
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at €29.42. The fair value is estimated to be €36.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has grown by 18%. For the next 3 years, revenue is forecast to decline by 59% per annum. Earnings are also forecast to decline by 0.9% per annum over the same time period. Buy Or Sell Opportunity • Feb 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.4% to €28.18. The fair value is estimated to be €35.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has grown by 18%. For the next 3 years, revenue is forecast to decline by 59% per annum. Earnings are also forecast to decline by 1.0% per annum over the same time period. New Risk • Feb 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Feb 09
Dividend of €1.24 announced Shareholders will receive a dividend of €1.24. Ex-date: 25th February 2025 Payment date: 27th February 2025 Dividend yield will be 5.9%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (89% earnings payout ratio) and cash flows (79% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share is expected to decline by 2.1% over the next 3 years. This means the payout ratio would increase to a potentially unsustainable range and the dividend may be at risk. Duyuru • Dec 18
Logista Integral, S.A., Annual General Meeting, Feb 05, 2025 Logista Integral, S.A., Annual General Meeting, Feb 05, 2025. Location: calle trigo 39, poligono industrial polvoranca, leganes., madrid Spain Buy Or Sell Opportunity • Nov 27
Now 21% undervalued Over the last 90 days, the stock has risen 9.9% to €30.12. The fair value is estimated to be €38.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to decline by 57% per annum. Earnings are forecast to grow by 0.1% per annum over the same time period. Reported Earnings • Nov 08
Full year 2024 earnings: Revenues in line with analyst expectations Full year 2024 results: Revenue: €13.0b (up 4.5% from FY 2023). Net income: €308.0m (up 13% from FY 2023). Profit margin: 2.4% (up from 2.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Revenue is expected to decline by 62% p.a. on average during the next 3 years, while revenues in the Logistics industry in Europe are expected to grow by 2.9%. New Risk • Oct 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.2% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Upcoming Dividend • Aug 20
Upcoming dividend of €0.45 per share Eligible shareholders must have bought the stock before 27 August 2024. Payment date: 29 August 2024. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 7.0%. Within top quartile of Spanish dividend payers (5.5%). Higher than average of industry peers (3.0%). Reported Earnings • Jul 28
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €3.27b (up 1.8% from 3Q 2023). Net income: €77.3m (up 14% from 3Q 2023). Profit margin: 2.4% (up from 2.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 61% p.a. on average during the next 3 years, while revenues in the Logistics industry in Europe are expected to grow by 2.9%. New Risk • Jul 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. High level of non-cash earnings (81% accrual ratio). Minor Risk Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Reported Earnings • May 09
Second quarter 2024 earnings released: EPS: €0.66 (vs €0.51 in 2Q 2023) Second quarter 2024 results: EPS: €0.66 (up from €0.51 in 2Q 2023). Revenue: €3.04b (up 3.1% from 2Q 2023). Net income: €86.9m (up 31% from 2Q 2023). Profit margin: 2.9% (up from 2.2% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 66% p.a. on average during the next 3 years, while revenues in the Logistics industry in Europe are expected to grow by 2.9%. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 13% per year. New Risk • May 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. High level of non-cash earnings (81% accrual ratio). Minor Risk Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Buy Or Sell Opportunity • Apr 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.7% to €24.98. The fair value is estimated to be €31.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to decline by 68% per annum. Earnings are forecast to grow by 0.4% per annum over the same time period. Upcoming Dividend • Feb 20
Upcoming dividend of €1.10 per share Eligible shareholders must have bought the stock before 27 February 2024. Payment date: 29 February 2024. Payout ratio is on the higher end at 90%, however this is supported by cash flows. Trailing yield: 6.9%. Within top quartile of Spanish dividend payers (6.1%). Higher than average of industry peers (3.0%). New Risk • Feb 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (93% cash payout ratio). Duyuru • Dec 21
Compañía de Distribución Integral Logista Holdings, S.A., Annual General Meeting, Feb 02, 2024 Compañía de Distribución Integral Logista Holdings, S.A., Annual General Meeting, Feb 02, 2024, at 12:00 Central European Standard Time. Location: Calle Trigo, 39, Polígono Industrial Polvoranca, Leganés Madrid Spain Agenda: To consider,examination and approval of the Annual Accounts and the Management Report of Compañía de Distribución Integral Logista Holdings, S.A. and of its consolidated group,corresponding to the financial year ended September 30th, 2023; to consider,examination and approval of the consolidated statement of non-financial information, included in the Integrated Report of Compañía de Distribución Integral Logista Holdings, S.A. and its consolidated group, corresponding to the financial year ended September 30th, 2023; and to consider other business matters. Reported Earnings • Nov 12
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: €2.07 (up from €1.60 in FY 2022). Revenue: €12.4b (up 8.4% from FY 2022). Net income: €272.3m (up 29% from FY 2022). Profit margin: 2.2% (up from 1.8% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.0%. Revenue is expected to decline by 66% p.a. on average during the next 3 years, while revenues in the Logistics industry in Europe are expected to grow by 2.0%. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 14% per year. Upcoming Dividend • Aug 17
Upcoming dividend of €0.40 per share at 5.8% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 28 August 2023. Payout ratio and cash payout ratio are on the higher end at 76% and 79% respectively. Trailing yield: 5.8%. Lower than top quartile of Spanish dividend payers (6.0%). Higher than average of industry peers (2.8%). Duyuru • Aug 05
Compañía de Distribución Integral Logista Holdings, S.A. (BME:LOG) acquired additional 13.33% stake in Transportes El Mosca S.A. Compañía de Distribución Integral Logista Holdings, S.A. (BME:LOG) acquired additional 13.33% stake in Transportes El Mosca S.A. on August 3, 2023. Compañía de Distribución Integral Logista will gradually increase of its stake, up to 100%, over the following three years.
Compañía de Distribución Integral Logista Holdings, S.A. (BME:LOG) completed the acquisition of additional 13.33% stake in Transportes El Mosca S.A. on August 3, 2023. Reported Earnings • Jul 26
Third quarter 2023 earnings released: EPS: €0.52 (vs €0.41 in 3Q 2022) Third quarter 2023 results: EPS: €0.52 (up from €0.41 in 3Q 2022). Revenue: €3.21b (up 8.7% from 3Q 2022). Net income: €67.6m (up 24% from 3Q 2022). Profit margin: 2.1% (up from 1.8% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to fall by 54% p.a. on average during the next 3 years compared to a 1.2% decline forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 16% per year. Duyuru • Jun 21
Compañía de Distribución Integral Logista Holdings, S.A. (BME:LOG) acquired Distrisur. Compañía de Distribución Integral Logista Holdings, S.A. (BME:LOG) acquired Distrisur on June 19, 2023. As on June 19, 2023, CNMC approved the transaction.Compañía de Distribución Integral Logista Holdings, S.A. (BME:LOG) completed the acquisition of Distrisur on June 19, 2023. Reported Earnings • May 07
Second quarter 2023 earnings released: EPS: €0.50 (vs €0.35 in 2Q 2022) Second quarter 2023 results: EPS: €0.50 (up from €0.35 in 2Q 2022). Revenue: €2.95b (up 9.8% from 2Q 2022). Net income: €66.2m (up 42% from 2Q 2022). Profit margin: 2.2% (up from 1.7% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 13% p.a. on average during the next 3 years, while revenues in the Logistics industry in Europe are expected to grow by 2.0%. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 14% per year. Reported Earnings • Feb 09
First quarter 2023 earnings released: EPS: €0.45 (vs €0.40 in 1Q 2022) First quarter 2023 results: EPS: €0.45 (up from €0.40 in 1Q 2022). Revenue: €2.99b (up 7.9% from 1Q 2022). Net income: €59.6m (up 13% from 1Q 2022). Profit margin: 2.0% (up from 1.9% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to fall by 24% p.a. on average during the next 3 years compared to a 3.9% decline forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Duyuru • Dec 21
Compañía de Distribución Integral Logista Holdings, S.A., Annual General Meeting, Feb 07, 2023 Compañía de Distribución Integral Logista Holdings, S.A., Annual General Meeting, Feb 07, 2023, at 11:00 Central European Standard Time. Location: Calle Trigo, 39, Polígono Industrial Polvoranca, Leganés Madrid Spain Agenda: To consider approval of the Annual Accounts and the Management Report; to consider approval of the consolidated statement; to approval of the management of the Board of Directors; to consider Directors' ratification, appointment and re-election; and to consider other matters. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Luis Isasi Fernandez de Bobadilla was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Major Estimate Revision • Nov 11
Consensus revenue estimates increase by 24% The consensus outlook for revenues in 2023 has improved. 2023 revenue forecast increased from €1.26b to €1.56b. EPS estimate increased from €1.60 to €1.87 per share. Net income forecast to grow 15% next year vs 3.4% decline forecast for Logistics industry in Spain. Consensus price target of €25.37 unchanged from last update. Share price rose 4.9% to €21.72 over the past week. Reported Earnings • Nov 05
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: €1.51 (up from €1.46 in FY 2021). Revenue: €11.5b (up 6.0% from FY 2021). Net income: €210.3m (up 9.0% from FY 2021). Profit margin: 1.8% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is expected to fall by 131% p.a. on average during the next 2 years compared to a 3.0% decline forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 15
Upcoming dividend of €0.35 per share Eligible shareholders must have bought the stock before 22 August 2022. Payment date: 24 August 2022. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 6.1%. Within top quartile of Spanish dividend payers (6.0%). Higher than average of industry peers (3.3%). Reported Earnings • Jul 25
Third quarter 2022 earnings released: EPS: €0.41 (vs €0.36 in 3Q 2021) Third quarter 2022 results: EPS: €0.41 (up from €0.36 in 3Q 2021). Revenue: €2.96b (up 8.0% from 3Q 2021). Net income: €54.7m (up 12% from 3Q 2021). Profit margin: 1.8% (in line with 3Q 2021). Over the next year, revenue is expected to shrink by 89% compared to a 1.1% growth forecast for the industry in Spain. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 10
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: €0.28. Revenue: €2.69b (up 4.9% from 2Q 2021). Net income: €46.5m (up 9.5% from 2Q 2021). Profit margin: 1.7% (in line with 2Q 2021). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 4.8%. Over the next year, revenue is forecast to decline by 89% while the industry in Spain is not expected to grow. Board Change • Apr 27
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Luis Isasi Fernandez de Bobadilla was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Upcoming Dividend • Feb 15
Upcoming dividend of €0.67 per share Eligible shareholders must have bought the stock before 22 February 2022. Payment date: 24 February 2022. Payout ratio is on the higher end at 82% but the company is not cash flow positive. Trailing yield: 6.8%. Within top quartile of Spanish dividend payers (5.4%). Higher than average of industry peers (2.1%). Reported Earnings • Feb 09
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: €0.40 (up from €0.34 in 1Q 2021). Revenue: €2.77b (up 3.4% from 1Q 2021). Net income: €52.8m (up 17% from 1Q 2021). Profit margin: 1.9% (up from 1.7% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.8%. Over the next year, revenue is expected to shrink by 89% compared to a 8.7% growth forecast for the industry in Spain. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. 