Letter from the Chief Executive Officer

The balance of February and the outlook for March 2025 obliges us to look closely at three key areas: sustainability, innovation and resilience in the face of global risks. As CEO of Logistics Express, I consider it essential to explain what it means for our company to move towards green logistics, how we face the costs of energy transition and what external challenges we must anticipate in this new cycle.

Balance of the previous month

February closed with an open debate in Spain: the slow pace of transport decarbonization. El País stressed the need to accelerate the adoption of alternative fuels, but warned of the gap between European targets and the national pace. This tension places operators and customers at a crossroads: how to meet requirements without driving up transport costs.

In real estate, Cinco Días confirmed the consolidation of Merlin Properties as the leading logistics owner in Spain with 2.3 million square meters. This move reinforces the concentration of the warehouse market, increasing competition for quality space and putting upward pressure on logistics rents.

At the international level, DSV reports warned in December 2024 of tariff volatility on maritime routes, new bottlenecks in Asia and growing risks from geopolitical conflicts that can disrupt entire chains.

Finally, energy-related risks persist: high electricity prices, fragile networks and warnings of possible interruptions in the event of force majeure events (storms, conflicts, blackouts). These factors continue to condition the stability of the sector.

Impact on Logistics Express

At Logistics Express, we have reinforced our strategy to transform challenges into opportunities. We have initiated the evaluation of alternative fuels in part of our fleet, with a pilot plan to progressively integrate cleaner solutions. The transition will not be immediate, but our priority is to make it viable for customers and partners.

We also work to strengthen resilience: contingency plans for energy failures, flexible storage agreements to avoid interruptions, and agile response protocols for maritime bottlenecks. In this scenario, our services seek to differentiate themselves through their reliability and adaptability.

Ceuta

In Ceuta we are closely following the situation of commercial customs and maritime connectivity. Uncertainty persists following delays in the actual opening of the customs border with Morocco, which requires duplication of efforts in maritime routes and documentary coordination. Logistics Express will continue to strengthen local operations to ensure reliable solutions for our customers.

Melilla

Melilla, which in January registered the first technical steps in the customs reopening, is still far from reaching a consolidated flow. However, the strategic opportunity is clear: to position ourselves as a reference in customs and logistics services in a market with a high demand for stability and reliability.

Gibraltar

In Gibraltar, the ongoing negotiations between the EU, Spain and the UK continue to be a risk factor. Any modification in customs protocols will have a direct impact on times and procedures. Our strategy is to prepare adaptive plans for clients operating in transit through the area.

Balearic and Canary Islands

The movement between Baleària and Naviera Armas continues to condition the maritime panorama. The possible definitive consolidation will rearrange routes and rates, affecting both the Balearic and Canary Islands. For Logistics Express, the objective will be to take advantage of this new configuration by negotiating agreements that ensure capacity and competitiveness.

Personal and business vision

Adopting green logistics is not a fad: it is an obligation. But we must do it realistically, taking care of transition costs and offering sustainable solutions that do not jeopardize our customers' competitiveness. Personally, I am convinced that business leadership is not about waiting for regulation to push us, but about anticipating and setting the pace.

At the same time, we cannot forget that external risks - energy, climate, geopolitical - are part of the new logistics landscape. Our obligation is to build resilience and communicate it transparently to customers and partners.

Looking to the future

Looking ahead to the coming months, my commitments are clear:

• Accelerate the adoption of green technologies with alternative fuels pilot projects.
• Negotiate competitive logistics space despite the concentration of real estate in the market.
• Strengthen resilience protocols in the face of energy and geopolitical risks.
• Consolidate our presence in Ceuta, Melilla, Gibraltar and island routes.
• Guarantee confidence to customers and partners with clear communication and data-driven decisions.

At Logistics Express, we believe that the future is built in the present. The challenges are great, but our ability to anticipate, adapt and lead will make the difference. Contact us here to continue building a more sustainable and resilient logistics future together.

Dirk Manuel Martens Jiménez
General Manager - Logistics Express