Business
Logwin : Annual Financial Report 2025 (*pdf)
Logwin : Annual Financial Report 2025
About this update from Logwin Ag
Logwin AG Annual Financial Report 2025 Key Figures 1 January - 31 December 2025 Earnings position In thousand EUR 2025 2024 Revenues Group Change on 2024 Air + Ocean Change on 2024 Solutions Change on 2024 Operating Result (EBITA) Group Margin Air + Ocean Margin Solutions Margin Net result Group 1,361,961 -5.6% 1,442,375 1,108,699 -6.8% 1,189,455 255,782 0.3% 255,013 82,415 6.1% 83,572 5.8% 64,046 5.8% 76,535 6.4% 27,640 10.8% 19,828 7.8% 61,586 65,594 Financial position In thousand EUR 2025 2024 Operating cash flows Investing cash flows Free cash flow 90,410 108,989 -12,695 -15,002 52,949 60,615 Net asset position 31 Dec 2025 31 Dec 2024 Equity ratio 50.1% 47.1% Net liquidity (in thousand EUR) 324,795 313,461 31 Dec 2025 31 Dec 2024 Number of employees 3,690 3,777 This document is a translation of the German original annual financial report of Logwin AG for the year ended 31 December 2025 as well as the report by the Réviseur d'Enterprises Agréé thereon. In case of any deviation between the German original version and the translated version the German version shall prevail. Group Management Report General information on the Logwin Group Business model Logwin Group The Logwin Group offers its customers global logistics and transportation solutions in the two business segments Air + Ocean and Solutions. Logwin combines the advantages of an international logistics group with those of a flexible, medium-sized company. Air + Ocean business segment The business segment Air + Ocean provides its logistics and forwarding solutions worldwide with a focus on intercontinental air and ocean freight and in many cases supplements these with upstream and downstream value-added services. With its worldwide network of subsidiaries and long-standing partners, Logwin is present locally for its customers and aims to guarantee the highest standards of reliability, quality and safety in global logistics chains. Solutions business segment The Solutions business segment comprises the operational activities of contract logistics and supply chain management. It develops customized logistics solutions for companies in the consumer goods, retail, and fashion sectors, as well as for industrial contract logistics, including chemicals and hazardous goods. The service portfolio includes integrated supply chain services along the value chain, in particular transport and freight forwarding solutions, warehousing, value-added logistics services, and the implementation of comprehensive outsourcing projects. With customer-specific combinations of individual logistics services, the Logwin Group manages logistics chains between suppliers and customers as required, either in parts or as a complete solution. Holistic supply chain management, warehousing, value-added services and transportation by road, rail, air or ocean freight are the key elements of the services provided by the various units of the Logwin Group. A globally standardized IT infrastructure with a data center in Europe supports harmonized processes, the simple connection of customers and service providers and ensures compliance with the constantly increasing requirements for quality, security and compliance. Logwin AG is listed on the Frankfurt Stock Exchange. The majority shareholder is DELTON Logistics S.à r.l., Grevenmacher (Luxembourg). Financial performance management The Logwin Group controls its financial situation by means of various key performance indicators (KPI) that management believes are relevant for measuring performance of the operations, the financial position and cash flows as well as in decision making. Basically the KPIs are intended to preserve a balance between profitability, an effective use of resources and sufficient liquidity. The monthly, quarterly and annual changes in these indicators are compared with the prior year and the forecast/ budget data to assist in making management decisions. Furthermore, several KPIs are also particularly relevant for calculating management remuneration. Unless defined in the relevant accounting standards, the methods of their calculation are described below in line with the European Securities and Markets Authority's (ESMA) Guidelines on Alternative Performance Measures (APM) dated 5 October 2015: Profitability Revenue is generally one of the key measures of profitability, as it reflects a company's ability to sell its products or services on the market. In this respect, the key figure defined in IFRS also serves the Logwin Group, particularly in the transaction-based logistics business, as a starting point for in-depth price/volume deviation analyses and as an important benchmark. In addition, sales prove to be an indicator of business development (growth) and, to a limited extent, a suitable cash flow-oriented success factor (payment sensitivity). The operating result before impairment of goodwill - EBITA (Earnings Before Interest, Taxes and Amortization) - measures the development of the earnings power of both the Group and the individual business segments and is the key performance indicator for profitability in the Logwin Group. EBITA is calculated as sales less cost of sales and selling and administrative expenses. In addition, other operating expenses and income as well as the separately disclosed impairment losses and reversals of impairment losses on measured at amortized cost financial assets and contract assets are included in the calculation. The EBITA margin also serves as a supplementary indicator for assessing operating profitability. It is calculated as the quotient of EBITA and sales. In the opinion of the management, EBITA is the most suitable indicator for presenting and comparing the performance of the Logwin Group, as it also has the advantage of reflecting the consumption of fixed assets by taking depreciation and amortization into account. Fluctuating impairments of goodwill, on the other hand, are not included. The net result is another key performance indicator in the Logwin Group and is used to measure overall earnings after interest and taxes, particularly over time. The net result is derived directly from the income statement and is thus in the relevant accounting standards defined (referred to as "profit or loss" in IAS 1.7). Other performance indicators for measuring the Group's performance are gross profit and gross profit margin. While gross profit is calculated as the difference between sales and cost of sales, the gross profit margin is calculated as the ratio of gross profit to sales. Both indicators are used in particular to assess the financial strength of the business model and operating profitability over time. Financial performance Free cash flow is the central key performance indicator for liquidity management in the Logwin Group and its business units. This figure is defined as the sum of the operating cash flows and investing cash flows as determined by the applicable cash flow standard IAS 7 less the repayment of lease liabilities (for the method of calculation we refer to the subtotals in the statement of cash flows). It is targeted at maintaining sufficient liquidity to cover all of the Group's financial obligations from possible debt repayments and dividends, in addition to operating payment commitments and investments. In particular, free cash flow is regarded as an indicator of how much cash is available at the end of a reporting period for paying dividends or, if necessary, repaying loans and other financial liabilities. Operating cash flow - a financial indicator of the applicable IAS 7 (referred to as "net cash flow from operating activities" in IAS 7.20) and therefore calculated directly based on the cash flow statement - includes all items that are related directly to operating value creation. It reflects the amount of operating profit converted into cash available for investing and financing activities. This indicator is used to manage and supervise operating liquidity as well as to ensure the generation of cash oriented operational value. Net asset position Net liquidity and the equity ratio are further key figures applied by the Logwin Group to assess its net asset position. Both measures aim at promoting good financial standing on behalf of good capital market conditions as well as ensuring liquidity. This ensures continued access to the capital market at favorable conditions for the purpose of liquidity management. Net liquidity is calculated as cash and cash equivalents less liabilities from leases and other financial liabilities. Its target is to show how much of the liquid funds would be left if all current liabilities are redeemed. The equity ratio is calculated by comparing a company's total equity to its total assets and thus provides information regarding the capital structure of a company. The equity ratio shows the proportion of the total assets owned outright by the investors as well as how the company is leveraged with debt. Non-financial performance indicators, non-financial reporting and diversity In addition to the financial performance indicators presented, the number of employees as of the reporting date (absolute headcount; employees are defined as all persons directly employed by the Logwin Group who work full-time or part-time for Logwin in Germany or abroad) represents a key nonfinancial performance indicator. The term "employees" is used in a gender-neutral way to refer to female, male and diverse persons in equal measure. The number of employees enables additional analyses of costs and productivity and provides information on the use of resources and capacities. In addition, other quantitative and qualitative personnel indicators are based on the number of employees as a reference figure. Logwin AG prepares non-financial reports covering the key aspects of corporate responsibility and sustainability within the Logwin Group, including environmental, social, and governance issues such as employee matters, compliance, human rights, environmental protection, and diversity. In addition, a report on diversity and gender balance on the Board of Directors is published, explaining the concept, objectives, and implementation of the Board's diversity policy. Research and development Development activities in the Logwin Group concentrate on service and process innovations. These innovations to improve operational and administrative processes are generally developed in close collaboration with customers. The specialists in the Tender Management/Logistics Engineering, Process Management and respective IT departments of the Solutions business segment in particular are entrusted with this type of work for complex contract logistics projects. Corporate Governance Members of the Board of Directors and the Executive Committee Dr. Antonius Wagner (*1961 ) Chairman of the Board of Directors and the Executive Committee (CEO) Bad Homburg v. d. Höhe (GER) Axel Steiner (*1973) Deputy Chairman of the Board of Directors Member of the Executive Committee (CFO, CCO) Großostheim (GER) Sebastian Esser (*1974) Member of the Executive Committee (COO Air + Ocean) Singapore (SG) Ralf Hubert (*1970) Member of the Executive Committee (COO Air + Ocean) Großostheim (GER) Andreas Kurtze (*1973) Non-executive member of the Board of Directors In-house lawyer Frankfurt am Main (GER) Nam Pham (*1981) Member of the Executive Committee (CIO) Großostheim (DE) since 1 September 2025 Thomas Philipp (*1981) Member of the Executive Committee (COO Solutions) Mannheim (GER) from 1 February until 22 August 2025 Philippe Prussen (*1977 ) Non-executive member of the Board of Directors Attorney Luxembourg (LU) The Board of Directors of Logwin AG has adopted a Corporate Governance Charter, which is available on the internet at https://www.logwin-logistics.com/company/overview/corporate-governance . With regard to the non-financial statement to be submitted for the 2025 financial year and the diversity concept applied within the Logwin Group, we refer to the non-financial reporting of Logwin AG and the report on diversity and gender balance on the Board of Directors of Logwin AG. The documents are available on the homepage at https://www.logwin-logistics.com/company/overview/corporate-social-responsibility . Information in accordance with Article 11 of the Luxembourg Takeover Act dated 19 May 2006 Lit (a): Details on the equity structure of the Logwin Group are included in note 26 on page 73 of the notes to the consolidated financial statements. As of 31 December 2025, there were 2,879,215 fully paid up, no-par registered voting shares issued and admitted for trading on the Frankfurt Stock Exchange. Lit (b): There are no restrictions on the transfer of the shares. Lit (c): The majority shareholder of Logwin AG is DELTON Logistics S.à r.l., Grevenmacher, Luxembourg. The sole shareholder of DELTON Logistics S.à r.l. is Stefan Quandt. For further details, please refer to notes 1 and 39 on pages 32 and 94 of the notes to the consolidated financial statements. Lit (d): There are no shares that give the holders any special rights of control. Lit (e): There are no employee stock ownership schemes in the Logwin Group. Lit (f): There are no restrictions on voting rights in the Logwin Group. Lit (g): As of 31 December 2025, Logwin AG is unaware of any understandings with shareholders that restrict the transfer of shares or voting rights in accordance with Directive 2004/109/EC. Lit (h): Rules governing the appointment and replacement of members of the Board of Directors and changes to the Articles and Memorandum of Association are contained in Articles 8, 16 and 17 of the Articles and Memorandum of Association of Logwin AG and in chapter 8 of the Corporate Governance Charter. The documents can be downloaded from https://www.logwin-logistics.com/company/overview/corporate-governance . In particular, the following applies: The members of the Board of Directors are appointed by the General Meeting of shareholders for a period not exceeding six years. They may be dismissed by the General Meeting at any time. The repeated appointment of a member of the Board of Directors is permitted. If a member of the Board of Directors (including executive members of the Board) retires prematurely, the remaining members may co-opt a new member to the Board in accordance with the legal provisions on a provisional basis. Final election will take place when the shareholders next meet for their General Meeting. The General Meeting may change the company's Articles and Memorandum of Association at any time, taking into account the legal provisions governing minimum attendance and majority voting. Lit (i): The powers of the Board of Directors, in particular relating to the empowerment to issue or withdraw shares, are regulated in Articles 5, 8, 9, 10, 11, 18, 19 and 23 of the Articles and Memorandum of Association of Logwin AG and in chapter 3 of the Corporate Governance Charter. The documents are available at www.logwin-logistics.com/company/overview/articles-and-memorandum-of-association and www.logwin- logistics.com/company/overview/corporate-governance. In particular, the following applies: The Board of Directors is responsible for the management of the company. The Board of Directors is vested with the powers to perform all acts of administration and disposal in the interests of the company. The Board of Directors has appointed a committee of directors charged with performing the daily management of the company (hereinafter referred to as "Executive Committee"). The Board of Directors defines the scope of activity of the Executive Committee and of the individual committees. It also authorizes the procedures that are to be used for the Executive Committee and the individual committees. The daily management of the company is performed by the Executive Committee under the supervision of the Board of Directors. The Board of Directors decides on the signatory powers of the members of the Executive Committee. The Board of Directors is authorized until 29 April 2029 to increase the company's registered capital by issuing on one or more occasions up to 1,506,489 new no par registered shares with or without an issue premium ("prime d'émission") in exchange for cash and/or non-cash capital contributions. The company may repurchase its own shares in accordance with the provisions of the law. Lit (j): There are finance agreements containing clauses that grant lenders the right to terminate the agreement prematurely in the event that the number of shares held by the majority shareholder of Logwin AG falls below certain thresholds. Lit (k): There are no agreements between Logwin AG and members of its Board of Directors or other employees that provide for compensation in the event of termination of employment without important reason or in the event of a takeover bid. Economic report Overall conditions Global economy The global economic environment in fiscal year 2025 was characterized by a high degree of uncertainty. Geopolitical tensions, trade policy interventions and structural adjustments in global value chains influenced economic developments. Overall, the global economy recorded moderate growth. International trade in goods developed more robustly than initially expected, but was partly driven by trade diversions and temporary effects. This resulted in a challenging environment for global logistics. Economic developments in Europe remained subdued overall. Industrial production in particular was marked by weak capacity utilization, cautious investment and structural competitive disadvantages. Uncertainties in the foreign trade environment and increased cost structures also had a negative impact. As a result, Europe participated only to a limited extent in the recovery of world trade. German (logistics) industry The German economy experienced subdued growth during the reporting period. Overall economic activity was characterised by continued weakness in industry, cautious investment activity and muted export growth. Structural challenges, such as declining international competitiveness, exerted additional downward pressure. Consequently, there was no noticeable economic recovery.The logistics industry mirrored this development. Demand for logistics services remained subdued, particularly in industry-related segments. Overall, the market environment continued to be characterised by significant adjustment pressure and rising costs. Competition and market In 2025, the logistics market was characterised by intensifying competition and a challenging macroeconomic environment. Demand for logistics services was volatile overall, reflecting subdued industrial activity and cautious investment and consumption patterns. Geopolitical tensions, trade policy uncertainties and structural changes in global supply chains led to short-term adjustments in transport flows. Ocean freight rates were highly volatile during the year but were significantly below the previous year's level overall. In air freight, average rates declined slightly in 2025. Demand increased moderately, while seasonal peaks and limited capacity resulted in temporary price spikes. Overall, developments in air and ocean freight rates reflected the challenging and volatile market environment. Business performance The Logwin Group achieved solid revenue and earnings growth in a challenging environment. Revenue in the Air + Ocean business segment declined moderately due to lower freight rates, despite increased global volumes. Against the backdrop of ongoing market tension and intense competition, the segment recorded a significant decline in operating result compared with the previous year. The expansion of the Logwin Group's global network, initiated in previous years, continued during the reporting year. New subsidiaries were established in Saudi Arabia and the United States, and two companies were acquired to enhance logistics services in Germany. The majority stake in the subsidiary in the Netherlands was expanded to a full stake through the acquisition of all shares. In the Solutions business segment, revenue rose slightly in 2025, mainly driven by positive developments at individual locations. The segment's overall earnings performance was clearly positive, supported by measures to improve efficiency and expand operations. in million EUR 2025 2024 Absolute change Revenue 1,362.0 1,442.4 -80.4 EBITA 82.4 83.6 -1.2 Net result 61.6 65.6 -4.0 Free cash flow 52.9 60.6 -7.7 Net liquidity 324.8 313.5 11.3 Earnings position Revenues At EUR 1,362.0m, the Logwin Group's revenue in fiscal year 2025 was down on the previous year's figure of EUR 1,442.4m. The decline was mainly due to lower air and ocean freight rates compared with the previous year, despite increased volumes worldwide in the Air + Ocean business segment. in million EUR 2025 2024 Absolute change Logwin Group 1,362.0 1,442.4 -80.4 thereof Air + Ocean 1,108.7 1,189.5 -80.8 thereof Solutions 255.8 255.0 0.8 In addition to the two operating business segments described above, the Logwin Group's revenue include the Other segment, which comprises, among other things, real estate management, central internal services and holding companies. Air + Ocean The Air + Ocean business segment generated revenue of EUR 1,108.7m in fiscal year 2025, which was below the previous year's level of EUR 1,189.5m. The revenue trend is mainly attributable to the development of freight rates in air and ocean freight. This market development was partially offset by increased volumes in all regions of the global network. Solutions Revenue in the Solutions business segment was slightly higher in 2025 at EUR 255.8m than in the previous year at EUR 255.0m. The international transport business and several locations contributed to this in particular by expanding their business with existing customers and acquiring new customers. Gross margin The Logwin Group's gross margin improved from 10.8% in the previous year to 11.8% in fiscal year 2025, despite declining revenue, due to an overall lower cost base. Selling, general and administrative costs Selling, general and administrative expenses increased slightly from EUR 75.9m to EUR 77.2m in financial year 2025, mainly reflecting higher personnel costs in connection with increased sales activities and the integration of the acquired companies. Operating result (EBITA) In fiscal year 2025, the Logwin Group generated an operating result (EBITA) of EUR 82.4m, compared to EUR 83.6m in the previous year. The Logwin Group's operating margin was 6.1% (prior year: 5.8%). The earnings situation was mainly influenced by the continuing high level of competition in the air and ocean freight market in the Air + Ocean business segment. In contrast, the earnings of the Solutions business segment exceeded the previous year's level as a result of positive margin development. in million EUR 2025 2024 Absolute change Logwin Group 82.4 83.6 -1.2 Margin 6.1% 5.8% 0.3% Air + Ocean 64.0 76.5 -12.5 Margin 5.8% 6.4% -0.6% Solutions 27.6 19.8 7.8 Margin 10.8% 7.8% 3.0% In addition to the two operating business segments presented, the Logwin Group's EBITA includes the Other segment, which comprises, among other things, real estate management, central internal services and holding companies. Air + Ocean At EUR 64.0m, the operating result (EBITA) of the Air + Ocean business segment in 2025 was below the previous year's result of EUR 76.5m. The significant decline is attributable to the current highly competitive situation in the air and ocean freight market in various regions of the global network. At the same time, targeted investments were made in expanding the global network, upgrading the digital infrastructure, establishing strategic verticals such as Food & Wine and Pharma, and strengthening the global sales structure. Solutions The Solutions business segment generated an operating result (EBITA) of EUR 27.6m in fiscal year 2025, exceeding the previous year's result by EUR 7.8m (prior year: EUR 19.8m). Operating result (EBITA) in the international transport business increased pleasingly compared with the previous year. In contract logistics, measures implemented to improve performance and the expansion of existing business activities contributed in particular to the improvement in earnings. In addition, there were positive one-off effects in the reporting year. Financial result and income taxes The financial result was significantly below the previous year's figure of EUR 7.0m at EUR 2.8m due to lower interest rates. Income tax expense decreased from EUR 25.0m in the previous year to EUR 23.6m. Net result The Logwin Group's net result for the period amounted to EUR 61.6m in fiscal year 2025, down from EUR 65.6m in the previous year. Financial position Financial management in the Logwin Group The Logwin Group finances itself mainly from its own funds and leasing and can draw on additional funds from factoring receivables and credit lines as required. The Logwin Group's operating units are mainly financed from operating cash flows and, if necessary, from Group loans. The Logwin Group's financial liabilities as of 31 December 2025, rose slightly to EUR 60.0m compared with the previous year (previous year: EUR 59.7m) and relate almost exclusively to obligations arising from rental and leasing agreements. Operating cash flows In fiscal year 2025, the Logwin Group recorded cash inflows from operating activities of EUR 90.4m (prior year: EUR 109.0m). The decline in operating cash flows is primarily attributable to the lower operating result, effects related to the reporting date, and lower interest income compared with the previous year. Investing cash flows The Logwin Group's cash flow from investing activities amounted to EUR -12.7m in the reporting year (previous year: EUR -15.0m). The outflows mainly comprise purchase price payments for the acquisitions of subsidiaries. Free cash flow The Logwin Group generated a free cash flow of EUR 52.9m in 2025 (prior year: EUR 60.6m) after taking into account the repayment of lease liabilities amounting to EUR -24.8m (prior year: EUR -33.4m). The decline compared to the previous year is mainly due to lower operating cash flows. Financing cash flows The financing cash flow for 2025, amounting to EUR -63.6m (prior year: EUR -75.7m), mainly comprises the distribution to Logwin AG shareholders of EUR -36.9m (prior year: EUR -40.3m) and the repayment of lease liabilities amounting to EUR -24.8m (prior year: EUR -33.4m). The decline in repayments of lease liabilities in cash flow is related to the acquisition of previously leased real estate and the termination of individual leases. Net asset position Total assets The Logwin Group's total assets amounted to EUR 790.3m as of 31 December 2025, down from the previous year's figure (prior year: EUR 799.6m). The decline was mainly due to lower trade accounts receivable and contract assets as well as trade accounts payable, which were partly offset by higher cash and cash equivalents and an increase in goodwill due to acquisitions. At EUR 179.8m, non-current assets in fiscal year 2025 were higher than in the previous year (prior year: EUR 174.6m), which is mainly attributable to the increase in goodwill due to company acquisitions from EUR 55.1m as of 31 December 2024 to EUR 63.4m at the end of the reporting year. In contrast, deferred tax assets fell by EUR 4.8m, mainly due to the utilization of tax loss carryforwards. The Logwin Group's current assets decreased from EUR 625.0m at the end of the previous year to EUR 610.5m as of 31 December 2025. Current assets include lower trade accounts receivable and factoring receivables, including current contract assets, of EUR 188.3m (prior year: EUR 214.5m) and higher cash and cash equivalents of EUR 384.8m (prior year: EUR 373.2m). Equity At the end of the 2025 reporting year, the Logwin Group had increased its equity to EUR 395.7m, compared with EUR 376.4m as of 31 December 2024. The increase in equity primarily reflects the net income for the 2025 fiscal year of EUR 61.6m (prior year: EUR 65.6m). The distribution of EUR 36.9m (prior year: EUR 40.3m) to Logwin AG shareholders during the fiscal year and foreign currency effects of EUR -4.6m (prior year: EUR 0.6m) reduced equity. On the other hand, actuarial gains from the valuation of pension provisions due to the increased discount rate raised consolidated equity by EUR 1.0m (prior year: EUR 0.8m). The equity ratio increased from 47.1% as of the previous year's reporting date to 50.1% as of 31 December 2025. Liabilities Long-term liabilities decreased from EUR 68.3m at the end of the previous year to EUR 63.9m as of 31 December 2025, mainly due to a decline in long-term liabilities from leases. Current liabilities decreased from EUR 354.9m to EUR 330.7m as of 31 December 2025. The decrease is mainly due to the use of current provisions, reduced other current liabilities and provisions, and lower trade accounts payable. These amounted to EUR 246.4m as of 31 December 2025 (prior year: EUR 261.4m). Cash and net liquidity The Logwin Group's cash and cash equivalents rose to EUR 384.8m as of 31 December 2025, compared with EUR 373.2m at the end of the previous year. The Group's net liquidity increased from EUR 313.5m at the end of the previous year to EUR 324.8m as of 31 December 2025. Employees As of 31 December 2025, the Logwin Group employed 3,690 people worldwide (prior year: 3,777 employees). Taking into account internal reorganizations within the Logwin Group, the number of employees in the Air + Ocean business segment decreased by 11 and in the Solutions business segment by 33. The number of Logwin Group employees in Germany decreased from 1,217 to 1,192. 2025 2024 Absolute change Logwin Group 3,690 3,777 -87 thereof Air + Ocean 2,931 2,942 -11 thereof Solutions 652 685 -33 Report on the Logwin share The Logwin Share A total of 15,321 Logwin AG shares were traded on all German stock exchanges in the financial year. The price of Logwin shares rose from EUR 240.00 at the beginning of the year to a Xetra closing price of EUR 256.00 at the end of the reporting period. The significance of the share price performance is limited due to the low trading volume. Share buyback program On 16 April 2024, the Annual General Meeting authorised the Board of Directors to decide on the repurchase of own shares until 16 April 2029. In the past financial year 2025, no use was made of the authorisation. Authorization of capital measures At the Extraordinary General Meeting on 16 April 2024, the Board of Directors was authorised to increase the share capital by 29 April 2029, once or several times, by issuing 1,506,489 new no-par-value shares, with or without a premium, in exchange for cash and/or contributions in kind. No use was made of this authorisation in the past financial year 2025. Key figures for the Logwin share 31 Dec 2025 31 Dec 2024 Closing price (Xetra) in EUR 256.00 240.00 High/low 52 weeks in EUR 270.00/220.00 280.00/232.00 Number of shares Units 2,879,215 2,879,215 - thereof outstanding Units 2,879,215 2,879,215 Market capitalization in million EUR 737.0 691.0 Shareholdings and own shares The majority shareholder of Logwin AG is DELTON Logistics S.à r.l., Grevenmacher, Luxembourg. The extraordinary general meeting on 16 April 2024, resolved to redeem 5,180 of the company's own shares, which were derecognized from the collective securities account on 6 February 2025. As of 31 December 2025, the members of the Board of Directors and the Executive Committee held neither shares nor options to purchase shares in Logwin AG. Company rating Standard & Poor's corporate credit rating for the Logwin Group has been 'BB+' with a stable outlook since April 2019 and was most recently confirmed in July 2025. Subsequent events report The Logwin Group has acquired the activities of a long-standing cooperation partner in the areas of air and ocean freight as well as customs clearance at its locations in Los Angeles, Chicago and Savannah (USA), effective 30 January 2026. By integrating the existing organization and its experienced employees, the Logwin Group is strengthening its global network and underscoring the strategic importance of the US market for the further development of the Logwin Group's worldwide business activities. For further information, please refer to Note 33 on page 80 of the notes to the consolidated financial statements. No other reportable events occurred between 31 December 2025 and the preparation of the consolidated financial statements by the Board of Directors of Logwin AG on 9 March 2026. Overall presentation of risks and opportunities Risk management system Objectives and strategy The Logwin Group has established a Group-wide risk management system in order to ensure the proper management of the company and to implement a determined risk policy. This forms a key part of the planning and internal control system and is thus an essential element in managing and controlling the company. The aim of Logwin AG's risk policy is the timely and systematic identification of risks that can lead to a significant adverse deviation from forecasts or targets or may become a risk to the further existence of the company so that such risks can be avoided or their negative effects minimized by initiating prompt countermeasures. The systematic identification and analysis of opportunities is not a component of the Group-wide control and risk management system. Continuous close monitoring of business activities at various levels of management of the Logwin Group ensures that opportunities are identified and exploited. Structure and process The risk management system is ensured by Group-wide policies and procedures that are set out in risk management guidelines. Risk owners in the business segments and holding companies identify and assess risks that can emerge in their areas. These are then systematically summarized depending on predetermined reporting threshold values and communicated to the relevant management levels in the business segments and to the Executive Committee and the Board of Directors of Logwin AG. Besides regular reporting at specified intervals, immediate reporting procedures for new significant risks play an essential part in the risk management system. Controlling and managing the risks is the responsibility of the risk owners, the relevant management levels in the business segments or the Executive Committee, depending on the degree of authority. These clearly defined processes and responsibilities do not just guarantee that all identified risks are duly addressed, but also ensure that the Executive Committee and the Board of Directors of Logwin AG are informed about all major risks Control and risk management system for other processes and systems and for the financial reporting process The risk management system was deliberately established as an instrument independent of other processes and systems. However, findings from this system are incorporated into various other processes and systems: In particular, thanks to local risk tracking by risk owners, matters relevant to compliance can also be reported and are then monitored by the compliance management system of the Logwin Group. In the context of strategic planning, budgeting and forecasting, it is necessary to include existing or new identified risks and to define how to deal with certain risks within the planning horizon. Conversely, the findings of other processes and systems must be taken into account in risk management, e.g. by entering issues that are reported through planning (strategic planning, budget or forecast). The internal audit department also performs audits. Depending on the matter at hand, audit findings can also be tracked as risks if necessary. Besides the risk management guidelines, Group-wide accounting guidelines regulate the financial reporting process as a further feature of the internal control and risk management system. The financial reporting process in the Logwin Group reflects its decentralized organizational structure, i.e. at the business segment level, numerous in part system based reconciliation and plausibility checks are used to monitor the individual Group companies with regard to their reporting preparations (e.g. scheduling and assigning tasks, obtaining balance confirmations, assessing provisions) and also with regard to the preparation of the financial statements. Another element in the internal control system are the letters of representation presented by the management of each subsidiary regarding their annual financial statements. All input and work steps in the consolidation process are documented in the consolidation software, which is used Group-wide. Furthermore, the internal audit department is also involved in monitoring compliance with the accounting guidelines in selected cases. Risks Taking into consideration the measures taken or planned, the risks identified across the Group do not -either individually or in interaction with one another - affect the Logwin Group's ability to continue as a going concern. The partial changes in individual opportunities and risks do not have any material impact on the Logwin Group's overall risk profile for the financial year 2025, which in the opinion of management will not change significantly compared with the prior year despite the continuing uncertainties and the fact that some operating businesses will be affected by the continuing high level of inflation and other macroeconomic developments. The following sections first describe the risks and then the opportunities that could have a significant impact on the Logwin Group's net assets, financial situation and earnings position. Unless otherwise described, these apply to all business segments. Overview As an international logistics company, the Logwin Group is exposed to macroeconomic or political risks as well as risks arising from its operating business activities, which also include the regulatory environment. Moreover, financial, legal and regulatory as well as other risks could conceivably also affect its business performance. The objective of the Logwin Group's comprehensive risk management system is to systematically identify and manage risks early on, which could negatively impact earnings or lead to deviations from the budget, or cast significant doubt on the Group's ability to continue as a going concern. The possibility cannot be excluded that the risk management system could prove to be inadequate or inefficient, and that unrecognized risks or negative developments could materialize in the Group's course of business activities or not be identified quickly enough in order to prevent them from materializing. As a result, the Logwin Group's net assets, financial situation and earnings position may be significantly affected. Macroeconomic and political risks The performance of the global economy and of world trade is of crucial importance for the demand for logistics services and thus for the business performance of the Logwin Group. Ongoing geopolitical tensions, particularly in the Red Sea and adjacent sea areas, may lead to disruptions in global supply chains. Diversions of transport routes, longer transit times and rising freight and insurance costs may affect both the availability of transport capacity and the cost structure of the Logwin Group and its customers. Recurring disruptions could result in lower demand for logistics services in the medium term. There are also risks associated with a weak global economy, particularly in the eurozone and Asia. Volatile energy prices, restrictive monetary policy, geopolitical conflicts, protectionist measures, insolvency pressure in individual sectors and exchange rate fluctuations may adversely affect volumes, freight rates and customer demand. Security incidents, terrorist attacks, economic sanctions and embargoes may disrupt transport chains in the short term or alter them in the long term. Such events may affect both operational processes and the Group's net assets, financial position and earnings position. The Logwin Group continuously monitors relevant macroeconomic, geopolitical and market developments. Risks are addressed through flexible capacity management, geographical diversification, close cooperation with transport partners and the ongoing adaptation of business models in order to mitigate potential adverse effects at an early stage. Risks arising from operating business activities The business activities of the operating units of the Logwin Group are subject to a variety of risks worldwide. These are explained in more detail in the sections below. Market and customer risks Persistently high costs for energy, raw materials, transport services and personnel, as well as higher interest rates, are increasing cost and efficiency pressure on customers. This may lead to price adjustments, reviews of existing logistics contracts and new tenders, particularly in the Solutions business segment, which is partly dependent on major customers. In the Air + Ocean business segment, short-term capacity changes and excess supply may result in increased margin pressure. The Group responds to these challenges by maintaining high service quality, actively acquiring new customers, continuously monitoring markets and adapting its business models. The current economic environment also increases the risk of customer insolvencies in both business segments. Measures to mitigate this risk are described in the section "Financial risks". In addition, liability or investment risks arising from customer contracts, such as contractual penalties or transferred risks, may exceed statutory warranty obligations. These risks are identified and managed at an early stage through comprehensive controlling at order and branch level and through the risk management process. Procurement risks Industry-specific cost increases represent a fundamental risk for the Logwin Group insofar as they cannot always be passed on to customers immediately and in full, which may lead to a significant reduction in earnings. This risk is mitigated as far as possible through careful contract drafting and sufficient diversification of contracted service providers and suppliers. Price increases for fuel and heating oil are mitigated through forward-looking procurement, price adjustment clauses and early demand planning. Limited transport capacity and a shortage of skilled workers also pose significant risks. Bottlenecks in air and ocean freight, shortages of drivers or transport equipment in land transport and underutilisation of available capacity may adversely affect the Group's net assets, financial position and earnings position. Vacancy risks relating to logistics properties are limited through careful contract drafting, continuous monitoring, balance sheet provisions and flexible internal processes. Risks arising from a shortage of qualified personnel are mitigated through systematic recruitment, employee development programmes and health and safety training. Technical risks The availability and functionality of IT infrastructure and applications are critical to the Logwin Group's economic performance. IT risks arise in particular from the failure of operational or administrative systems, which could significantly impair business operations and, in the event of prolonged disruptions, threaten the Group's continued existence. To mitigate these risks, threats to data security and IT infrastructure are continuously assessed and appropriate protective measures implemented. In financial year 2025, risks relating to data and cyber security remained elevated given the persistently high global threat environment. The Group continuously implements measures to ensure reliable IT services and functionalities, including the outsourcing of its data centre to a professional service provider in the prior year. All employees receive regular cyber security training. Technical risks also arise from equipment such as automated high-bay warehouses, industrial trucks and material flow systems. Failures may result in loss of revenue, liability claims or warranty claims. These risks are mitigated through regular maintenance, continuous improvement of equipment and appropriate monitoring processes. Financial risks Liquidity risks The Logwin Group's business activities may require the use of loans, factoring arrangements or leasing of infrastructure, transport equipment and technical facilities. Restricted access to financing or rising financing costs could have a material adverse effect on the Group's liquidity and earnings position. To manage liquidity risks, the Group monitors its liquidity position on a daily basis and prepares liquidity forecasts to ensure that all financial obligations can be met when due. Working capital management and diversified sources of financing are also utilised. As of 31 December 2025, unchanged from the prior year, the Logwin Group had unused credit lines of EUR 28.6m and a contractually agreed maximum amount of EUR 60.0m under a factoring agreement, depending on the volume of receivables sold. A maturity analysis of financial liabilities is presented in Note 35 on page 92 of the notes to the consolidated financial statements. Global transport transactions also require guarantees and sureties to customs and tax authorities as well as for air and ocean freight clearance. Failure to provide such instruments in sufficient amounts or disruptions in financial transaction processing may give rise to liquidity and earnings risks. The Group mitigates these risks through diversification and contractual arrangements with selected leading financial service providers. Credit risk Credit risk arises from customer and banking relationships and may adversely affect earnings in the event of defaults. The Logwin Group manages these risks through close monitoring, restrictive payment terms and credit limits, and credit assessments. Trade credit insurance is in place for many customers in almost all countries. Risks arising from banking relationships are limited through diversification. In light of the current economic environment and rising costs for raw materials, energy and other inputs, there is an increased risk of customer insolvencies in both business segments. In addition to direct defaults, this may also lead to a sustained decline in revenue and earnings. Consistent use of credit insurance and restrictive credit policies mitigate these risks. Allowances are recognised for expected credit losses on trade receivables and other financial assets. Further information on loss allowances for trade receivables is provided in Note 22 on page 68 of the notes to the consolidated financial statements. Unless otherwise stated, the carrying amounts of financial instruments represent the maximum credit risk exposure. Currency risk The Logwin Group generates revenue in various currencies and holds assets and liabilities denominated in foreign currencies. In addition, there are intra-group financing balances in foreign currencies. This gives rise to foreign currency risks that may adversely affect earnings and liquidity. Liquidity-related currency risks are hedged using derivative financial instruments where economically appropriate. Taking hedging activities into account, a change of +/- 10% in the respective functional currencies of the Group companies against the US dollar, the Group's primary foreign currency, as of 31 December 2025 would have affected the Group's net result by -/+ EUR 0.5m (prior year: -/+ EUR 0.8m). Note 34 on page 83 contains a list of forward exchange contracts as of the reporting date. As the reporting currency of the Logwin Group is the euro, the financial statements of subsidiaries with functional currencies other than the euro are translated into euros for consolidation purposes. These translation differences are generally not hedged. As a result, exchange rate fluctuations may have a significant impact on the presentation of the Group's net assets and results of operations. The Group continuously monitors the potential impact. Interest rate risk Changes in interest rates may expose the Logwin Group to earnings risks. As of 31 December 2025, the Group had variable-rate lease liabilities and variable-rate loans. These interest rate risks are continuously monitored and are currently considered manageable. Legal and regulatory risks The Logwin Group performs customs and VAT procedures for customers in connection with international freight transport. This gives rise to liability risks, particularly in cases of joint and several liability or customer insolvency. These processes are therefore handled by appropriately qualified personnel and supported by internal control and risk management systems. Increasing security requirements (e.g. in air freight or export controls) as well as frequently changing legal, tax and customs regulations may result in additional costs and investment requirements. The Group continuously monitors regulatory developments and adapts customer agreements accordingly. The implementation of international minimum taxation ("Pillar 2") had no material impact in the reporting year but may lead to higher tax burdens in the future. Business activities are subject to numerous legal requirements, including transport licences, environmental protection and occupational health and safety regulations. Restrictions, withdrawal of permits or infrastructure disruptions (e.g. strikes) may impair operations. These risks are mitigated through monitoring, diversified logistics planning and contractual safeguards. Additional risks arise from environmental, sustainability and supply chain regulations, as well as expanded reporting requirements such as the Corporate Sustainability Reporting Directive. Violations may result in fines, additional costs or the loss of business partners. Overall, there is a risk that increasing legal and regulatory requirements can only be passed on to customers in part or with delay, thereby adversely affecting the Group's financial position and earnings position. Ongoing monitoring and systematic audits by supervisory bodies and, in particular, by the Logwin Group's quality management officers ensure that these risks are identified and managed at an early stage. Valuation risks The Logwin Group takes entrepreneurial risks in order to exploit market opportunities. In the event that these risks materialise, the Logwin Group's net assets, financial position and earnings position could be materially adversely affected. The capitalised goodwill of EUR 63.4m as of 31 December 2025 represents a significant individual item in the non-current assets of the Logwin Group. As of the balance-sheet date, it is attributable to the two business segments Air + Ocean and Solutions. In accordance with the requirements of IAS 36, goodwill is subject to an impairment test. In the event of a significantly weaker than expected long-term performance by the business segments Air + Ocean and Solutions, there is a risk with regard to the consolidated balance sheet that certain assets and capitalised goodwill will have to be written down ('impairment risk'). Another factor is the current and expected development of interest rates. A sustained weak or weaker than expected development of individual Logwin companies may also require a write-down of deferred tax assets. An impairment of non-current assets, including rights of use under IFRS 16, could have a negative impact on the net assets, financial position and earnings position of the Logwin Group. Compliance Breaches of duty by executive bodies or employees, as well as fraudulent acts such as fraud or corruption, could result in material damage and reputational risks for the Logwin Group. To limit these risks, an internal control system, a Group-wide compliance management system, and binding guidelines are in place. The code of conduct, which is binding for all employees, regulates in particular legally compliant behavior, dealings with business partners and authorities, and the avoidance of conflicts of interest; corresponding guidelines also apply to service providers. Training courses, mandatory e-learning programs, and management workshops support implementation. The corporate governance principles, the Code of Conduct, and other guidelines are publicly available at https://www.logwin-logistics.com/company/ investors/corporate-governance and https://www.logwin-logistics.com/company/overview/compliance . Compliance with the guidelines is monitored by the compliance officer and the internal audit department. To this end, regular audits are carried out with the involvement of external specialists, particularly in the areas of corruption prevention, tax and customs compliance, data protection, and labor law. Despite the continuous development of the compliance organization, it cannot be ruled out that violations of legal or internal requirements may occur and significantly impair the Logwin Group's net assets, financial position and earnings position. Opportunities Macroeconomic and industry-related opportunities In addition to the risks described above, advancing globalization also opens up potential opportunities for the Logwin Group. With moderate global economic growth expected in the long term, it can be assumed that the logistics industry will continue to benefit from rising trade volumes in the future. This is particularly true for Asia, where trade flows with other regions and especially within the continent will continue to increase. In addition, market opportunities are emerging from growth impulses in regions such as the Middle East, Southeast Asia, and selected South American markets. If the economic environment in the key industrial regions, particularly in China, the USA and Europe, develops better than currently forecast, this may also lead to additional growth impulses, as the economic development of our customers determines their demand for warehousing and transport services. As a result, increasing transport volumes in imports and exports can have a beneficial effect on the development of the Logwin Group. In addition to the regional impact, growth impulses can also result from individual industries. In particular, positive developments in the automotive, consumer goods and chemical sectors or in plant and mechanical engineering can have a beneficial effect on the Logwin Group's business performance. The continuing international development of online trade is a further opportunity for the Logwin Group. It creates demand for the transportation of goods and thus opens up great growth potential for the national and international transportation business. Opportunities from operating activities Potential opportunities arise from the use of the possibilities offered by technological progress. Digital transformation opens up new networking opportunities with the Logwin Group's customers and suppliers. In this way, market opportunities can be seized quickly and the competitiveness can be strengthened, especially in a challenging and dynamic environment. In addition, the increasing level of technology in operational processes offers various opportunities for optimization. The increased use of modern, networked IT systems, in which the Logwin Group has invested more in recent years, enables not only efficiency gains but also improved operational quality, increased cost efficiency and shorter response times to deviations. Opportunities continue to arise from the ongoing increase in productivity and cost transparency as well as the exploitation of synergy effects, which are therefore the focus of management's efforts within the Logwin Group. The trend towards outsourcing logistics services continues. Global, regional and local supply chains are becoming more complex, more international, but also susceptible to disruption, as the crisis-related disruptions in global and local supply chains in recent years have shown. Customers therefore want stable and integrated logistics solutions and seek the support of specialized service providers. If the trend continues, this could result in further growth opportunities for the Logwin Group. On the procurement side, there are opportunities primarily due to a positive price development contrary to underlying expectations, e.g. of purchased transport services, but also of fuel or heating oil prices. Other opportunities Further opportunities arise from targeted acquisitions, strategic partnerships, and active portfolio optimization. By continuously reviewing existing business activities and monitoring potential acquisition targets, the Logwin Group strives to identify attractive growth options at an early stage and implement them after carefully weighing up the opportunities and risks. Opportunities for the Logwin Group's earnings situation continue to arise from the possible positive effects of foreign currency exchange rates or interest rate changes. Outlook The statements in the forecast report are subject to a high degree of uncertainty due to the unpredictability in various regions of the world and the associated disruptions in supply chains Economic forecast In line with leading economic forecasts for 2026, the Logwin Group expects moderate but overall subdued growth in the global economy. Economic momentum in Europe is expected to remain weak, and economic uncertainty in China is also continuing. Geopolitical tensions, trade restrictions, and regional conflicts could put additional strain on the global economy. The German economy remains in a phase of subdued economic development. The possibility that significant overarching risk factors could have a negative impact on business development is considered realistic and is reflected in the assessment of the future business development of the Logwin Group. Revenue expectations The Logwin Group expects revenue of between EUR 1.25b and EUR 1.50b for 2026. This forecast is based on the assumption of moderate volume growth in a market environment that remains highly competitive and an overall stabilization of freight rates compared with the previous year. Air + Ocean In the Air + Ocean business segment, revenues for 2026 as a whole are expected to remain at the prior year's level. As in previous years, revenues in 2026 will depend both on volume development with existing and new customers and, to a considerable extent, on the development of freight rates and foreign exchange rates. Solutions For the Solutions business segment, a slight decline in revenue is expected in fiscal year 2026 compared to the previous year. This is mainly due to the scheduled completion of individual customer projects, particularly in the area of contract logistics, as well as declining volumes in selected transport segments. Earnings expectations Taking the developments described into account, the Logwin Group expects operating income (EBITA) of between EUR 70.5m and EUR 86.5m for the year 2026. Liquidity and financial position The Logwin Group expects free cash flow for the year 2026 to be at the previous year's level, depending on the development of the operating result. The net liquidity of the Logwin Group is expected to develop steadily. Employees The Logwin Group expects a slight increase in the number of employees in financial year 2026. Consolidated Financial Statements Income Statement 2025 2024 Note/Page In thousand EUR Revenues 1,361,961 1,442,375 9/55 Cost of sales -1,201,721 -1,286,080 10/56 Gross profit 160,240 156,295 Selling costs -38,135 -35,455 10/56 General and administrative costs -39,064 -40,464 10/56 Other operating income 8,252 9,441 11/56 Other operating expenses -8,539 -6,648 11/56 Impairments on financial assets measured at amortized cost and contract assets -1,761 -1,952 22/68 Reversal of impairments on financial assets measured at amortized cost and contract assets 1,422 2,355 22/68 Operating result before goodwill impairment (EBITA) 82,415 83,572 Goodwill impairment - - Net result before interest and income taxes (EBIT) 82,415 83,572 Finance income 7,345 12,050 12/57 Finance expenses -4,555 -5,028 12/57 Net result before income taxes 85,205 90,594 Income taxes -23,619 -25,000 13/57 Net result 61,586 65,594 Attributable to: Shareholders of Logwin AG 60,900 64,523 Non-controlling interests 686 1,071 Earnings per share - basic and diluted (in EUR): Net result attributable to the shareholders of Logwin AG 21.15 22.41 Weighted average number of shares outstanding 2,879,215 2,879,215 The accompanying notes are an integral part of these consolidated financial statements. Statement of Comprehensive Income In thousand EUR 2025 2024 Note/page Net result 61,586 65,594 Losses / gains on currency translation of foreign operations -4,615 584 Other comprehensive income that may be reclassified into profit or loss in future periods -4,615 584 Remeasurement of the net defined benefit liability Deferred tax from remeasurement of the net defined benefit liability 1,169 -147 785 28/74 -17 25/71 Other comprehensive income that will not be reclassified into profit or loss in future periods 1,022 768 Other comprehensive income -3,593 1,352 Total comprehensive income 57,993 66,946 Attributable to: Shareholders of Logwin AG 57,521 65,788 Non-controlling interests 472 1,158 The accompanying notes are an integral part of these consolidated financial statements. Statement of Cash Flows In thousand EUR 2025 2024 Note/page Net result before income taxes 85,205 90,594 Financial result -2,790 -7,022 12/57 Net result before interest and income taxes 82,415 83,572 Reconciliation adjustments to operating cash flows: Depreciation and amortization 31,973 34,897 10/56 Result from disposal of non-current assets 529 -28 11/56 Impairment of property, plant and equipment and other intangible assets - 1,564 10/56 Reversal of impairments of property, plant and equipment - -1,939 10/56 Other -7,601 3,630 Income taxes paid -18,522 -17,394 Interest paid -3,364 -3,838 Interest received 7,345 12,050 Changes in working capital, cash effective: Change in receivables and contract assets 22,138 -53,091 Change in payables -24,569 49,372 Change in inventories 66 194 Operating cash flows 90,410 108,989 Capital expenditures in property, plant and equipment and other intangible assets -5,512 -4,353 Payments for acquisitions of subsidiaries -8,793 -8,851 14/59 Payments for disposal of other business operations - -3,500 15/59 Proceeds from disposal of non-current assets 1,615 1,698 Other cash flows from investing activities -5 4 Investing cash flows -12,695 -15,002 Net cash flow 77,715 93,987 Repayment of current loans and borrowings -257 -26 16/60 Repayment of liabilities from leases -24,766 -33,372 16/60 Distribution to shareholders of Logwin AG -36,854 -40,309 26/73 Distribution to non-controlling interests -1,208 -2,029 Payments for the acquisition of non-controlling interests -460 - Other cash flows from financing activities -17 - Financing cash flows -63,562 -75,736 Free cash flow (= Net cash flow less repayment of liabilities from leases) 52,949 60,615 Effects of exchange rate changes on cash and cash equivalents -2,498 -529 Changes in cash and cash equivalents 11,655 17,722 Cash and cash equivalents at the beginning of the year 373,187 355,465 Change 11,655 17,722 Cash and cash equivalents at the end of the period 384,842 373,187 24/70 The accompanying notes are an integral part of these consolidated financial statements. Balance Sheet In thousand EUR 31 Dec 2025 31 Dec 2024 Note/page Assets Goodwill 63,395 55,070 17/61 18/62 19/63 25/71 21/68 22/68 22/68 23/70 24/70 Other intangible assets 15,224 15,442 Property, plant and equipment 81,913 78,498 Investments 127 694 Deferred tax assets 18,285 23,103 Other non-current assets 809 1,809 Total non-current assets 179,753 174,616 Inventories 1,144 1,020 Trade accounts receivable and receivables from factoring 166,126 181,343 Contract Assets 22,124 33,192 Income tax receivables 3,086 3,347 Other receivables and current assets 33,200 32,880 Cash and cash equivalents 384,842 373,187 Total current assets 610,522 624,969 Total assets 790,275 799,585 In thousand EUR 31 Dec 2025 31 Dec 2024 Note/page Liabilities Share capital 131,300 131,300 Group reserves 264,136 243,879 Equity attributable to the shareholders of Logwin AG 395,436 375,179 Non-controlling interests 229 1,235 Shareholders' equity 395,665 376,414 26/73 Non-current liabilities from leases 33,355 37,668 20/65 28/74 29/78 25/71 32/79 Pensions provisions and similar obligations 21,392 22,347 Other non-current provisions 4,684 4,783 Deferred tax liabilities 3,336 2,978 Other non-current liabilities 1,174 520 Total non-current liabilities 63,941 68,296 Trade accounts payable 246,445 261,419 20/65 27/74 30/78 31/79 32/79 Current liabilities from leases 26,539 21,627 Current loans and borrowings 128 389 Current provisions 7,012 13,072 Income tax liabilities 8,961 8,382 Other current liabilities 41,584 49,986 Total current liabilities 330,669 354,875 Total liabilities and shareholders' equity 790,275 799,585 The accompanying notes are an integral part of these consolidated financial statements. Statement of Changes in Equity In thousand EUR Equity attributable to the Share capital Additional paid-in capital Retained earnings 1 January 2024 131,300 128,265 97,321 Net result 64,523 Other comprehensive income 768 Total comprehensive income 65,291 Changes in scope of consolidation Cancellation of treasury shares -838 Distributions -40,309 31 December 2024 131,300 127,427 122,303 1 January 2025 131,300 127,427 122,303 Net result 60,900 Other comprehensive income 1,022 Total comprehensive income 61,922 Transfer of shares in subsidiaries without loss of control -410 Distributions -36,854 31 December 2025 131,300 127,427 146,961 The accompanying notes are an integral part of these consolidated financial statements.