Overall economic conditions
The global economy developed modestly in 2025 and was characterized by geopolitical uncertainties and overall weak global growth. In Europe, particularly in Germany, the subdued economic situation continued.
The logistics markets were subject to increasingly high competitive pressure in the first nine months. In air and ocean freight, rates remained below the previous year's level for most of the year. Volatile volume developments and rising costs led to a tense earnings position.
Net assets, financial situation and earnings position
Revenues The revenue of the Logwin Group in the first nine months of the 2025 financial year amounted to EUR 1,034.4m, almost on par with the previous year (2024: EUR 1,058.0m). The business segment Air + Ocean generated a revenue of EUR 841.4m, which, despite higher global volumes, was below the previous year's level due to the declining air and ocean freight rates compared to the previous year (2024: EUR 864.3m). In the business segment Solutions, revenues remained stable at EUR 195.0m, compared to the previous year (2024: EUR 195.6m).
EBITA In the first three quarters of 2025, the Logwin Group achieved an operating result (EBITA) of EUR 64.1m, which was below the previous year's figure of EUR 67.6m. In the business segment Air + Ocean, the operating result (EBITA) declined in the first nine months to EUR 51.5m compared with the previous year (2024: EUR 58.5m), reflecting the intense competitive situation and increased margin pressure in the air and ocean freight market. The business segment Solutions achieved an operating result (EBITA) of EUR 19.7m, surpassing the previous year's result of EUR 18.9m. The Supply Chain Solutions segment performed pleasingly in the first nine months of the year.
Net result The Logwin Group's net result in the first nine months of 2025 amounted to EUR 45.7m, down from EUR 51.3m in the previous year. The decrease was primarily due to the development of operating results, a lower financial result, volatile exchange rate fluctuations and a higher tax rate.
Free cash flow The Logwin Group's free cash flow in the first three quarters of 2025 amounted to EUR 17.3m, below the previous year's figure of EUR 32.7m. The decline is primarily due to purchase price payments for the acquisition made at the beginning of the year, as well as the reduced operating result.
Risks and changes in forecast
Compared with the information provided in the Annual Financial Report 2024, the risk situation for the Logwin Group has not changed significantly. There continues to be an increased economic risk as a result of geopolitical disruptions. As part of its risk management, Logwin identifies risks at an early stage and pursues measures to minimize them. However, a negative impact on the Logwin Group's net assets, financial situation and earnings position cannot be ruled out. For other existing and potential risks, please refer to the Annual Financial Report 2024.
Compared to the forecast in the Annual Financial Report 2024, there have been no significant changes in the expected development of the Logwin Group for 2025. The Logwin Group continues to expect a revenue of between EUR 1.27bn and EUR 1.55bn and an operating result (EBITA) of between EUR 74.5m and EUR 91.5m for the full year 2025.
The Quarterly Statement as of 30 September 2025 of Logwin Group is available on the internet at www.logwin-logistics.com.
