ID Logistics: 14% Growth, Yet Margins Erode Despite Record Results
The European leader in contract logistics released its 2025 results on Wednesday, showcasing sustained commercial momentum: a revenue of €3,737.0 million, up by 14.2%, and a net income increase of 19.9% to €63.3 million. However, behind this growth lies a less glorious reality: the current operating margin decreased by 10 basis points to 4.4%, reflecting the challenges of integrating an unprecedented expansion.
Revenue and Geographic Expansion
ID Logistics recorded a 2025 revenue of €3,737.0 million, marking a 14.2% increase from 2024. Excluding unfavorable exchange rate effects, growth reached 16.0%. This momentum was driven by all geographic segments. In France, which accounts for 26% of the Group's revenue, business grew by 13.5%. In Europe excluding France (48% of revenue), growth was 12.0% on a comparable basis, particularly driven by Germany, the UK, and Poland. However, it is North America that stands out: with 19% of the Group's revenue, this region showed a spectacular growth of 31.9% on a comparable basis, confirming the group's belief in the potential of this area. In 2025, ID Logistics launched 27 new sites, including several in North America and Brazil.
Operational Results and Margin Pressure
Despite an 11.8% increase in current operating income to €165.2 million, the Group's current operating margin slightly contracted, moving from 4.5% in 2024 to 4.4% in 2025. This 10 basis point squeeze occurred in a context of major expansion: the launch of 21 new international files and the opening in Canada weighed on the results. In France, the only region to show improvement, current operating income grew by 17.6%, allowing the margin to improve by 10 basis points to 4.3%. Internationally, however, the current operating margin fell by 20 basis points to 4.4%, including the effect of new files in the ramp-up phase and entry into the Canadian market. The group emphasizes 'good control of launch costs,' but the equation remains challenging: invest in the short term to ensure future profitability.
Looking Forward to 2026 with Embedded Growth
ID Logistics approaches 2026 'with again a good level of embedded growth,' according to the press release, thanks to the files won in 2025 and a significant number of ongoing tenders. The Group is particularly focused on increasing the productivity of its recent sites, a key challenge for margin recovery. The number of starts planned for 2026 is expected to be at a level similar to the last two years. Financially, ID Logistics is in a comfortable position: the pre-IFRS 16 debt-to-EBITDA ratio stood at 0.9x as of December 31, 2025, giving the group 'good investment capacity to support continued growth.' This strength does not close the door to external growth: the group remains 'attentive to external growth opportunities' in North America and Europe. Net income climbed 19.9% to €63.3 million, driven by the increase in operating income and controlled financial expenses.
