“Endurance is nobler than strength, and patience than beauty.” - John Ruskin
Macroeconomic and geopolitical uncertainty continue to be causes for weakness in transport. Tobacco and related product distribution in France continues to languish. Lower interest rates remain a meaningful blow to net financing. Logista’s Q3’25 showed that trends in all senses have been maintained. While there is little exuberance to be found, expectations are not dire, as, along with headwinds, positive undercurrents are sustained.