Q4 2025 Loma Negra Compania Industrial Argentina Sociedad Anonima Earnings Call

March 6, 2026

Operator: Mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Also, Mr. Sergio Fajtman will be responding in Spanish immediately following an English translation. To ask a question, you may press Star and then one on your telephone keypads. To withdraw your questions, please press Star and two. Please also note today's event is being recorded. At this time, I'd like to turn the conference call over to Mr. Diego Jalón, Head of IR. Mr. Diego, please go ahead.

Speaker #1: Code. Should you need assistance, please say no to conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions.

Speaker #1: Also, Mr. Sergio Faifman will be responding in Spanish immediately following an English translation. To ask a question, you may press star and then one on your telephone keypads.

Speaker #1: To withdraw your questions, please press star and two. Please also note today's event is being recorded. At this time, I'd like to turn the conference call over to Mr. Diego Jalon, Head of IR.

Speaker #1: Mr. Diego, please go ahead.

Speaker #2: Thank you. Good morning and welcome to Loma Negra's earnings conference call. By now, everyone should have access to our earnings press release and the presentation for today's call.

Diego Jalón: Thank you. Good morning and welcome to Loma Negra's Earnings Conference Call. By now, everyone should have access to our earnings press release and the presentation for today's call, both of which were distributed yesterday after market close. Joining me on the call this morning are Sergio Fajtman, our CEO and Vice President of the Board of Directors, Marcos Gradin, our CFO, and Lucrecia Loureiro, our Human Capital, Sustainability and Legal Affairs Director. Sergio and Marcos will be available for the Q&A session. Before we proceed, I would like to make the following safe harbor statements. Today's call will contain forward-looking statements. I refer you to the forward-looking statements section of our earnings release and recent filing with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances.

Speaker #2: Both of which were distributed yesterday after market close. Joining me on the call this morning are Sergio Faifman, our CEO and Vice President of the Board of Directors; Marco Gradin, our CFO; and Lucrecia Loureiro, our Human Capital Sustainability and Legal Affairs Director.

Speaker #2: Sergio and Marcos will be available for the Q&A session. Before we proceed, I would like to make the following safe-harbor statements. Today's call will contain forward-looking statements and I refer you to the forward-looking statements section of our earnings release and recent filing with the SEC.

Speaker #2: We assume no obligation to update or revise any forward-looking statements to reflect new or change events or circumstances. This conference call will also include discussion on non-GAAP financial measures; the full reconciliation to the corresponding financial measures is included in the earnings press release.

Speaker #1: Opportunity to ask over decline versus significantly narrowing the gap, stable year. In this style, $37 million. With a margin of environments, consolidated adjustment margin in the same period quarter.

Diego Jalón: This conference call will also include discussion on non-GAAP financial measures. The full reconciliation to the corresponding financial measures is included in the earnings press release. Now, I would like to turn the call over to Sergio.

Speaker #2: Now, I will like to turn the call over to Sergio.

Speaker #3: Thank you, Diego. Hello everyone and thank you for joining us this morning. I would like to start my presentation by discussing the highlights of the quarter.

Sergio Faifman: Thank you, Diego. Hello, everyone, and thank you for joining us this morning. I would like to start my presentation by discussing the highlights of the quarter. Marcos will take you for our market review and financial results. Following that, I will share some final remarks before opening the call to other questions. Starting with slide 2, we are pleased to present Loma Negra's Q4 and final quarter of the year. In terms of volume, the Q4 largely mirrored the trend seen in pure quarters, with cement dispatch declined 1.2% year-over-year. Overall, 2025 represents a year of gradual recovery for Argentine economy and to a lesser extent for the cements industry. While volumes over a year-over-year improvement, the rebound progressed more slowly than they initially anticipate and lost some momentum in the second half of the year.

Speaker #1: It is important to be strong. Sequentially, four last year were exceptionally strong quarters. Quarter profitability, to adjustment FBDA amount, the balance sheets, net debt declined by $23 million, 454 basis points, quarter to quarter over 2024.

Speaker #3: Then, Marcos will take you through our market review and financial results. Following that, I will share some final remarks before opening the call to other questions.

Speaker #3: Starting with slide two. We are pleased to present Loma Negra's four final quarter of the year. In terms of volume, the fourth quarter largely mirrored the trend seen in pure quarters, with cement dispatch declining 1.2% year over year.

Speaker #3: Overall, 2025 represents a year of gradual recovery for Argentine economy and to a lesser extent for the cement industry. While volumes lowered a year over year improvement, the rebound progressed more slowly than the initially anticipated and lost some momentum in the second half of the year.

Speaker #1: Turning to 183 million dollars, resulting in a debt debt to FBDA ratio of 1.47 times. Reforcing the company's solid financial position. I will now turn the present our newly realized sustainability report and its key highlights.

Speaker #3: Again, this backdrop net revenue total pesos 225 billion for the quarter, equivalent to 152 US dollar million, reflecting a 1.7% year over year decline versus four quarter 2024.

Sergio Faifman: Again, this backdrop, net revenue totaled ARS 225 billion for the quarter, equivalent to $152 million, reflecting a 1.7% year-over-year decline versus Q4 2024. On a sequential basis, however, performance remaining broadly stable, significantly narrowing the gap observed early in the year. In this style challenging demand environment, consolidated adjustment EBITDA reached $37 million with a margin of 19.7% for the quarter. It is important to note that the comparison base was particularly demanding, as margin in the same period last year were exceptionally strong. Sequentially, Q4 profitability remaining in line with recent quarters. For full year 2025, adjustment EBITDA amount to $146 million with a margin of 21.3%, representing a contraction of 454 basis points compared to 2024.

Speaker #1: call over to Lucrecia, who will

Speaker #1: Please, Lucrecia, go ahead.

Speaker #2: Thank you, Sergio. Good morning, everyone. Please turn to slide three for a review of

Speaker #3: On a sequential basis, however, performance remained broadly stable. Since infantility now in the GAAP observer, early in the year. In this style, challenging demand environments, consolidated adjustment FBDA reached 37 million dollars.

Speaker #3: With a margin of 19.7% for the quarter. It is important to note that the comparison base was particularly demanding as margin in the same period last year were exceptionally strong.

Speaker #2: 2025, we achieved significant progress across our environmental priorities, compared to our 2021 baseline CO2 equivalent emissions were reduced by 22%, reflecting our ongoing decarbonization efforts.

Speaker #3: Sequentially, four quarter profitability remained in line with recent quarters. For full year 2025, adjustment FBDA amounted to 146 million dollars, with a margin of 21.3%, representing a contraction of 454 basis points compared to 2024.

Speaker #2: We also advanced our circular economy strategy by valorizing 85% of the waste generated, recovering more than 270,000 tons of waste, and by products using alternative materials and fuels including biomass in cement production.

Speaker #2: In terms of water stewardship, total water withdrawal decreased by 3.5%, with a notable 21% reduction in water stress area compared to 2024. Additionally, air quality improvement continued with PM10 emissions from cement production declining by 9.3%, year over year, and the scoring our commitment to responsible low-impact operations.

Sergio Faifman: Turning to the balance sheet, net debt declined by $23 million quarter-over-quarter to $183 million, resulting in a debt-to-EBITDA ratio of 1.47x, reinforcing the company's solid financial position. I will now turn the call over to Lucrecia, who will present our newly released sustainability report and its key highlights. Please, Lucrecia, go ahead.

Speaker #3: Turning to the balance sheets, net debt declined by 23 million dollars quarter over quarter to 183 million dollars, resulting in a debt debt to FBDA ratio of 1.47 times.

Speaker #3: Reforcing the company's solid financial position. I will now turn the call over to Lucrecia, who will present our newly realized sustainability report and its key highlights.

Speaker #2: Turning to our social impact and community engagement, 2025 was a year of strong collaboration and meaningful outreach. We worked alongside 700 partner organizations to implement social programs and projects, while 172 initiatives were supported through the different programs of the Fundación Loma Negra, reaching a total of more than 90,000 beneficiaries.

Speaker #3: Please, Lucrecia, go ahead.

Speaker #4: Thank you, Sergio. Good morning, everyone. Please turn to slide three for a review of our ESG highlights for the year. We take great satisfaction in releasing the five editions of our sustainability report with details our environmental, social, and governance management, and the actions we carry out to build the company prepared for the challenges of the future, with a focus on ethics, transparency, and long-term sustainable value creation.

Lucrecia Loureiro: Thank you, Sergio. Good morning, everyone. Please turn to slide 3 for a review of our ESG highlights for the year. We take great satisfaction in releasing the fifth edition of our sustainability report, which details our environmental, social, and governance management and the actions we carry out to build the company prepared for the challenges of the future with a focus on ethics, transparency, and long-term sustainable value creation. In 2025, we achieved significant progress across of our environmental priorities. Compared to our 2021 baseline, CO₂ equivalent emissions were reduced by 22%, reflecting our ongoing decarbonization efforts.

Speaker #2: We reached a historic milestone, the launch of a new 25 kilo bag. This initiative safeguards the health and well-being of the industry. Over the course of five years, we invested more than 65 million dollars in our plants.

Marcos: Remaining in line with recent quarters. For full year 2025, adjustment EBITDA amount to $146 million, with a margin of 21.3%, representing a contraction of 454 basis points compared to 2024. Turning to the balance sheet, net debt declined by $23 million quarter-over-quarter to $183 million, resulting in a net debt to EBITDA ratio of 1.47x, reinforcing the company's solid financial position. I will now turn the call over to Lucrecia, who will present our newly released sustainability report and its key highlights. Please, Lucrecia, go ahead.

Speaker #4: In 2025, we achieved significant progress across our environmental priorities, compared to our 2021 baseline CO2 equivalent emissions were reduced by 22%, reflecting our ongoing decarbonization efforts.

Speaker #2: This year marks a significant milestone for our company, Loma Negra celebrates 100 years of contributing to Argentina's sustainable and productive development. We are committed to the principles that have guided our actions for a century in pursuit of our purpose of transforming people's lives through sustainable growth, built on 100 years of legacy we honor our past while continuing to build the future with responsibility and vision.

Speaker #4: We also advanced our circular economy strategy by valorizing 85% of the waste generated, recovering more than 270,000 tons of waste, and by products using alternative materials and fuels including biomass in cement production.

Lucrecia Loureiro: We also advanced our circular economy strategy by valorizing 85% of the waste generated, recovering more than 270,000 tons of waste and by-products using alternative materials and fuels, including biomass in cement productions. In terms of water stewardship, total water withdrawal decreased by 3.5% with a notable 21% reduction in water stress area compared to 2024. Additionally, air quality improvements continue with PM10 emissions from cement production declining by 9.3% year-over-year, underscoring our commitment to responsible low impact operations. Turning to our social impact and community engagement, 2025 was a year of strong collaboration and meaningful outreach.

Speaker #4: In terms of water stewardship, total water withdrawal decreased by 3.5%, with a notable 21% reduction in water stress area compared to 2024. Additionally, air quality improvement continued with PM10 emissions from cement production declining by 9.3%, year over year, underscoring our commitment to responsible low-impact operations.

Speaker #2: Our fifth sustainability report reflects that path. I will now hand off the call to Marcos, who will walk you through our market reviews and financial results.

Lucrecia: Thank you, Sergio. Good morning, everyone. Please turn to slide 3 for a review of our ESG highlights for the year. We take great satisfaction in releasing the fifth edition of our sustainability report, which details our environmental, social, and governance management and the actions we carry out to build the company prepared for the challenges of the future with a focus on ethics, transparency, and long-term sustainable value creation. In 2025, we achieved significant progress across of our environmental priorities. Compared to our 2021 baseline, CO2 equivalent emissions were reduced by 22%, reflecting our ongoing decarbonization efforts. We also advanced our circular economy strategy by valorizing 85% of the waste generated, recovering more than 270,000 tons of waste and by-products using alternative materials and fuels, including biomass in cement productions.

Speaker #2: Please, Marcos, go ahead.

Speaker #3: Thank you, Lucrecia. Good morning, everyone. Please turn to slide five. The latest release of the EMAE, Argentina's monthly economic activity indicator, showed a 3.5% year-over-year increase.

Speaker #4: Turning to our social impact and community engagement, 2025 was a year of strong collaboration and meaningful outreach. We worked alongside 700 partner organizations to implement social programs and projects, while 172 initiatives were supported through the different programs of the Fundación Loma Negra, reaching a total of more than 90,000 beneficiaries.

Speaker #3: Reversing the downtrend trend observed in the previous couple of months. As a result, full year 2025 economic growth reached 4.4%. However, a deeper look at sector-level performance revealed significant divergences.

Lucrecia Loureiro: We worked alongside 700 partner organizations to implement social programs and projects, while 172 initiatives were supported through the different programs of the Fundación Loma Negra, reaching a total of more than 90,000 beneficiaries. We reached a historic milestone, the launch of a new 25kg bag. This initiative safeguards the health and well-being of industry. Over the course of 5 years, we invested more than $65 million in our plant. This year marks a significant milestone for our company. Loma Negra celebrates 100 years of contributing to Argentina's sustainable and productive development. We are committed to the principles that have guide our actions for a century in pursuit of our purpose of transforming people's lives through sustainable growth. Built on 100 years of legacy, we honor our past while continuing to build the future with responsibility and vision.

Speaker #3: Agriculture, mining, and financial intermediation rank among the strongest contributors to growth, in contrast to industry and commerce continue to show contractions. For contraction, activity remained broadly flat, showing virtually no change compared to the previous year.

Speaker #4: We reached a historic milestone, the launch of a new 25 kilo bag. This initiative safeguards the health and well-being of the industry, over the course of five years, we invested more than 65 million dollars in our plants.

Speaker #3: Within the macro backdrop, the cement industry posted a broadly flat quarter, reversing the decline recorded in previous periods and closing the year with 5.6% growth.

Speaker #4: This year marks a significant milestone for our company, Loma Negra celebrates 100 years of contributing to Argentina's sustainable and productive development. We are committed to the principles that have guided our actions for a century in pursuit of our purpose of transforming people's lives through sustainable growth, built on 100 years of legacy we honor our past while continuing to build the future with responsibility and vision.

Speaker #3: After a more encouraging start to the year, growth expectations were affected by the electoral process, under. Entities surrounding it. Together with financial and extensions, that weighted on the recovery momentum.

Lucrecia: In terms of water stewardship, total water withdrawal decreased by 3.5% with a notable 21% reduction in water stress area compared to 2024. Air quality improvement continue with PM10 emissions from cement production declining by 9.3% year-over-year, underscoring our commitment to responsible low impact operations. Our social impact and community engagement, 2025 was a year of strong collaboration and meaningful outreach. We worked alongside 700 partner organizations to implement social programs and projects, while 172 initiatives were supported through the different programs of the Fundación Loma Negra, reaching a total of more than 90,000 beneficiaries. We reached a historic milestone, the launch of a new 25 kg bag. This initiative safeguards the health and wellbeing of the industry.

Speaker #3: Looking at dispatch dynamics, bulk segment outperformed, supported by larger-scale projects, including residential developments. As well as logistic and infrastructure works. In contrast, back cement volumes contracted, reflecting weaker retail demand.

Speaker #4: Our fifth sustainability report reflects that path. I will now hand off the call to Marcos, who will walk you through our market reviews and financial results.

Lucrecia Loureiro: Our fifth sustainability report reflects that path. I will now hand off the call to Marcos, who will walk you through our market review and financial results. Please, Marcos, go ahead.

Speaker #3: The individual and small contractor segments remained more subdued in the current environment, but monetary tightening and interest rate volatility. As we move into 2026, we expect the sectors that have lagged behind to gradually catch up, supported by a more flexible monetary stance.

Speaker #4: Please, Marcos, go ahead.

Speaker #5: Thank you, Lucrecia. Good morning, everyone. Please turn to slide five. The latest release of the EMAE, Argentine's monthly economic activity indicator, showed a 3.5% year-over-year increase.

Marcos Gradin: Thank you, Lucrecia. Good morning, everyone. Please turn to slide five. The latest release of the MAE, Argentina's Monthly Economic Activity indicator, show a 3.5% year-over-year increase, reversing the downturn trend observed in the previous couple of months. As a result, full year 2025 economic growth reached 4.4%. However, a deeper look at sector level performance reveals significant divergences. Agriculture, mining, and financial intermediation rank among the strongest contributors to growth. In contrast, industry and commerce continue to show constructions. As for construction, activity remained broadly flat, showing virtually no change compared to the previous year. Within this macro backdrop, the cement industry posted a broadly flat quarter, reversing the decline recorded in previous period and closing the year with 5.6% growth.

Speaker #3: Given that these sectors are among the most employment-intensive, their recovery should contribute to greater dynamism in overall economic activity. It will also be important to closely monitor cement demand in March and April.

Speaker #5: Reversing the downtrend trend observed in the previous couple of months, as a result, full year 2025 economic growth 4.4%. However, a deeper look at among the strongest contributors to financial intermediations rank industry and commerce continue to show contractions.

Speaker #3: The start of the year has been relatively weak, not only due to typical summer seasonality but also reflecting still cautious activity levels. Looking ahead, we expect recently announced investment initiatives, including infrastructure programs, broad corridors, and mining and energy projects, to gradually begin supporting dispatch volumes as we move past the summer period.

Lucrecia: Over the course of five years, we invested more than $65 million in our plant. This year marks a significant milestone for our company. Loma Negra celebrates 100 years of contributing to Argentina's sustainable and productive development. We are committed to the principles that have guide our actions for a century in pursuit of our purpose of transforming people's lives through sustainable growth. Built on 100 years of legacy, we honor our past while continuing to build the future with responsibility and vision. Our fifth sustainability report reflects that path. I will now hand off the call to Marcos, who will walk you through our market review and financial results. Please, Marcos, go ahead.

Speaker #5: For contraction, activity remained broadly flat, showing virtually no change compared to the previous year. Within the macro backdrop, the cement industry posted a broadly flat quarter, reversing the decline recorded in previous periods and closing the year with 5.6% growth.

Speaker #3: Turning to slide six, for a review of our top-line performance by segment. Fourth quarter revenues declined 1.7% year over year, continuing the sequential improvement trend and meaningfully narrowing the contraction observed early in the year.

Speaker #5: After a more encouraging start to the year, growth expectations were affected by the electoral process, and uncertainty surrounding it. Together with financial and extensions, that weighted on the recovery momentum.

Marcos Gradin: After a more encouraging start to the year, growth expectations were affected by the electoral process and uncertainty surrounding it, together with financial and FX tensions that waited on the recovery momentum. Looking at dispatch dynamics, bulk segment outperformed, supported by larger scale projects, including residential developments as well as logistic and infrastructure works. In contrast, bag cement volumes contracted, reflecting weaker retail demand. The individual and small contractor segments remain small subdued in the current environment of monetary tightening and interest rate volatility. As we move into 2026, we expect the sectors that have lagged behind to gradually catch up, supported by a more flexible monetary stance. Given that these sectors are among the most employment intensive, their recovery should contribute to greater dynamism in overall economic activity. It will also be important to closely monitor cement demand in March and April.

Speaker #3: The performance was mainly explained by the cement segment, while concrete delivered strong growth. In cement, masonry cement and lime, revenues decreased 4.4% year over year.

Speaker #5: Looking at dispatch dynamics, bulk segment outperformed, supported by larger scale projects, including residential developments. As well as logistic and infrastructure works. In contrast, back cement volumes contracted, reflecting weaker retail demand.

Marcos: Thank you, Lucrecia. Good morning, everyone. Please turn to slide 5. The latest release of the MAE, Argentina's Monthly Economic Activity Indicator, show a 3.5% year-over-year increase, reversing the downturn trend observed in the previous couple of months. As a result, full year 2025 economic growth reached 4.4%. However, a deeper look at sector-level performance reveals significant divergences. Agriculture, mining, and financial intermediation ranked among the strongest contributors to growth. In contrast, industry and commerce continued to show constructions. As for construction, activity remained broadly flat, showing virtually no change compared to the previous year. Within this macro backdrop, the cement industry posted a broadly flat quarter, reversing the decline recorded in previous periods and closing the year with 5.6% growth.

Speaker #3: Mainly reflecting softer pricing conditions compared to the same period last year. Sequentially, prices improved for the second consecutive quarter, extending the real-term recovery and reducing the year-over-year gap.

Speaker #5: The individual and small contractor segments remained more subdued in the current growth, in contrast, environment, but monetary tightening and interest rate volatility. As we move into 2026, we expect the sectors that have lacked behind to gradually catch up, supported by a more flexible monetary stance.

Speaker #3: Volumes declined 1.2% year over year. Bulk cement continued to outperform, supported by stronger activity from concrete producers, large-scale projects, and public works. In contrast, back cement volumes continued to lag, as retail demand remained subdued and economic softness and financial volatility.

Speaker #5: Given that these sectors are among the most employment-intensive, their recovery should contribute to greater dynamism in overall economic activity. It would also be important to closely monitor cement demand in March and April.

Speaker #3: Since our segment also includes masonry cement and lime, products that tend to follow the dynamics similar to back cement, this misaffect weights on our segment performance when compared to industry statistics.

Speaker #5: The start of the year has been relatively weak, not only due to typical summer seasonality but also reflecting still cautious activity levels. Looking ahead, we expect recently announced investment initiatives, including infrastructure programs, broad corridors, and mining and energy projects, to gradually begin supporting dispatch volumes as we move past the summer period.

Marcos Gradin: The start of the year has been relatively weak, not only due to typical summer seasonality, but also reflecting still cautious activity levels. Looking ahead, we expect recently announced investment initiatives, including infrastructure programs, road corridors, and mining energy projects, to gradually begin supporting dispatch volume as we move past the summer period. Turning to slide 6 for a review of our top-line performance by segment. Q4 revenues declined 1.7% year-over-year, continuing the sequential improvement trend and meaningful narrowing the contraction observed early in the year. The performance was mainly explained by the cement segment, while concrete delivered strong growth. In cement, masonry cement, and lime, revenues decreased 4.4% year-over-year, mainly reflecting softer pricing conditions compared to the same period last year.

Speaker #3: Which reflects only great cement volumes. Concrete revenues, increased 37% year over year. Driven by a 62% expansion in volumes, partially offset by competitive pricing dynamics, growth was mainly supported by infrastructure works in Santa Fe, and private logistics-related developments.

Marcos: After a more encouraging start to the year, growth expectations were affected by the electoral process and the certainty surrounding it, together with financial and FX tensions that waited on the recovery momentum. Looking at dispatch dynamics, bulk segment outperformed, supported by larger scale projects, including residential developments, as well as logistic and infrastructure works. In contrast, bag cement volumes contracted, reflecting weaker retail demand. The individual and small contractor segments remains more subdued in the current environment of monetary tightening and interest rate volatility. As we move into 2026, we expect the sectors that are lack-Behind to gradually catch up, supported by a more flexible monetary stance. Given that these sectors are among the most employment-intensive, their recovery should contribute to greater dynamism in overall economic activity. It will also be important to closely monitor cement demand in March and April.

Speaker #3: Aggregate revenues were essentially stable, down 0.9% year over year. Volumes increased 8.2%, reflecting stronger road contraction and railroad-related activity, however pricing and product mix particularly a higher share of fine aggregates with lower average prices, offset the positive volume contribution.

Speaker #5: Turning to slide six, for a review of our top-line performance by segment. Fourth quarter revenues declined 1.7% year over year. Continuing the sequential improvement trend and meaningful narrowing the contraction observed early in the year.

Speaker #5: The performance was mainly explained by the cement segment, while concrete delivers strong growth. In cement, major re-cement and lime revenues decreased 4.4% year over year.

Speaker #3: Railroads revenues declined 8.9% in the quarter, although transported volumes increased 2.8%, weaker pricing and the continued disruption of the Bahía Blanca rail line impacted longer-haul traffic, particularly grain, gypsum, and frac sand, reducing tone kilometers and overall revenues.

Speaker #5: Mainly reflecting softer pricing conditions compared to the same period last year. Sequentially, prices improved for the second consecutive quarter, extending the real-term recovery and reducing the year-over-year gap.

Marcos Gradin: Sequentially, prices improved for the second consecutive quarter, extending the real term recovery and reducing the year-over-year gap. Volumes declined 1.2% year-over-year. Bulk cement continued to outperform, supported by stronger activity from concrete producers, large-scale projects, and public works. In contrast, bag cement volumes continued to lag as retail demand remained subdued and economic softer and financial volatility. Since our segment also include masonry cement and lime, products that tend to follow dynamics similar to bag cement, this mixed effects weighs on our segment performance when compared to industry statistics, which reflects only gray cement volumes. Concrete revenues increased 37% year-over-year, driven by a 62% expansion in volumes, partially offset by competitive pricing dynamics. Growth was mainly supported by infrastructure works in Santa Fe and private logistic-related developments. Aggregates revenues were essentially stable, down 0.9% year-over-year.

Speaker #5: Volumes declined 1.2% year over year. Bulk cement continued to outperform, supported by stronger activity from concrete producers, large-scale projects, and public works. In contrast, back cement volumes continued to lag, as retail demand remained subdued and economic softness and financial volatility.

Speaker #3: For full year 2025, consolidated revenues declined 7.8% to 848 billion pesos, from 920 billions in increased 2.5%. Moving on to slide eight, consolidated gross profit declined by 29.1%, while gross margin contracted by 906 basis points year over year, to 23.5%.

Marcos: The start of the year has been relatively weak, not only due to typical summer seasonality, but also reflecting still cautious activity levels. Looking ahead, we expect recently announced investment initiatives, including infrastructure programs, road corridors, and mining and energy projects, to gradually begin supporting dispatched volume as we move past the summer period. Turning to slide six for a review of our top-line performance by segment. Q4 revenues declined 1.7% year-over-year, continuing the sequential improvement trend and meaningful narrowing the contraction observed early in the year. The performance was mainly explained by the cement segment, while concrete delivered strong growth. In cement, masonry cement, and lime, revenues decreased 4.4% year-over-year, mainly reflecting softer pricing conditions compared to the same period last year. Sequentially, prices improved for the second consecutive quarter, extending the real term recovery and reducing the year-over-year gap.

Speaker #5: Since our segment also includes masonry cement and lime, products that tend to follow dynamics similar to back cement, this misaffect weights on our segment performance when compared to industry statistics.

Speaker #3: However, margins show a sequential recovery compared to the previous quarter. Cost of sales, increased by 11.5% year over year, primarily driven by higher costs in the cement segment, along with a greater depreciation impact following the completion of the 25-kilogram bagging project.

Speaker #5: Which reflects only great cement volumes. Concrete revenues increased 37% year over year. Driven by a 62% expansion in volumes, partially offset by competitive pricing dynamics, growth has mainly supported by infrastructure works in Santa Fe, and private logistics-related developments.

Speaker #3: Additionally, cost performance in fourth quarter 2024 represented a challenging comparison base. Regarding the cement segment, cost of sales increased by 12% year over year, higher maintenance expenses, and increased utilization of spare parts and supplies, together with a greater impact from packaging costs related to the implementation of 25-kilogram program, put upward pressure on our cost.

Speaker #5: Aggregate revenues were essentially stable, down 0.9% year over year. Volumes increased 8.2%, reflecting stronger road construction and railroad-related activity, however pricing and product mix particularly a higher share of fine aggregates with lower average prices, offset the positive volume contribution.

Marcos Gradin: Volumes increased 8.2%, reflecting stronger road construction and railroad-related activity. However, pricing and product mix, particularly a higher share of the fine aggregates with lower average prices, upset the positive volume contribution. Railroads revenues declined 8.9% in the quarter. Although transported volumes increased 2.8%, weaker pricing and the continuing disruption of the Bahía Blanca rail line impacted longer haul traffic, particularly grain, gypsum, and frac sand, reducing ton-kilometers and overall revenues. For full year 2025, consolidated revenues declined 7.8% to ARS 848 billion, from ARS 920 billion in 2024, while cement volumes increased 2.5%.

Speaker #5: Railroads revenues declined 8.9% in the quarter, although transported volumes increased 2.8%, weaker pricing and the continued disruption of the Bahía Blanca rail line impacted longer-haul traffic, particularly grain, gypsum, and frac sand, reducing 10 kilometers and overall revenues.

Speaker #3: On the other hand, energy inputs continued to support cost management efforts, particularly thermal energy. On a sequential basis, unit cost, including depreciation, remained almost flat, increasing only 0.8% quarter over quarter.

Marcos: Volumes declined 1.2% year-over-year. Bulk cement continued to outperform, supported by stronger activity from concrete producers, large scale projects, and public works. In contrast, bag cement volumes continued to lag as retail demand remained subdued and economic softness and financial volatility. Since our segment also include masonry cement and lime, products that tend to follow dynamics similar to bag cement, this mixed effects weighs on our segment performance when compared to industry statistics, which reflects only gray cement volumes. Concrete revenues increased 37% year-over-year, driven by a 62% expansion in volumes, partially offset by competitive pricing dynamics. Growth was mainly supported by infrastructure works in Santa Fe and private logistics-related developments. Aggregates revenues were essentially stable, down 0.9% year-over-year. Volumes increased 8.2%, reflecting stronger road construction and railroad-related activity.

Speaker #3: The contraction in cement was followed by a declining aggregate, while the concrete and railroad segments posted improvements. Finally, SG&A expenses increased by 6.3%, mainly driven by a higher allowance for doubtful accounts and increased IT expenses.

Speaker #5: For full year 2025, consolidated revenues declined 7.8% to 848 billion pesos, from 920 billions in 2024. While cement volumes increased 2.5%. Moving on to slide eight, consolidated gross profit declined by 29.1%, while gross margin contracted by 906 basis points year over year, to 23.5%.

Speaker #3: Partially offset by lower freight and marketing costs. As a percentage of sales, SG&A stood at 12.9%, up 97 basis points from the fourth quarter of 2024.

Marcos Gradin: Moving on to slide 8, consolidated gross profit declined by 29.1%, while gross margin contracted by 906 basis points year-over-year to 23.5%. However, margins show a sequential recovery compared to the previous quarter. Cost of sales increased by 11.5% year-over-year, primarily driven by higher costs in the cement segment, along with a greater depreciation impact following the completion of the 25 kilogram bagging project. Additionally, cost performance in Q4 2024 represented a challenging comparison base. Regarding the cement segment, cost of sales increased by 12% year-over-year. Higher maintainer expenses and increased utilization of spare parts and supplies, together with a greater impact from packaging costs related to the implementation of 25 kilo program, put upward pressure on our cost. On the other hand, energy inputs continued to support cost management efforts, particularly thermal energy.

Speaker #3: For fiscal year 2025, gross profit declined by 24.8%, while margin contraction by 493 basis points to 21.8%. Please turn to slide nine, consolidated adjusted EBITDA for the quarters stood at 37 million dollars, while in pesos it reached 44 billion, reflecting a 33.4% year-over-year decline.

Speaker #5: However, margins show a sequential recovery compared to the previous quarter. Cost of sales, increased by 11.5% year over year, primarily driven by higher costs in the cement segment, along with a greater depreciation impact following the completion of the 25-kilogram bagging project.

Marcos: However, pricing and product mix, particularly a higher share of the fine aggregates with lower average prices, offset the positive volume contribution. Railroads revenues declined 8.9% in the quarter. Although transported volumes increased 2.8%, weaker pricing and the continuing disruption of the Bahía Blanca rail line impacted long-haul traffic, particularly grain, gypsum, and frac sand, reducing tonne-kilometers and overall revenues. For full year 2025, consolidated revenues declined 7.8% to ARS 848 billion, from ARS 920 billion in 2024, while cement volumes increased 2.5%. Moving on to slide 8. Consolidated gross profit declined by 29.1%, while gross margin contracted by 906 basis points year-over-year to 23.5%. However, margin show a sequential recovery compared to the previous quarter.

Speaker #5: Additionally, cost performance in fourth quarter 2024 represented a challenging comparison base. Regarding the cement segment, cost of sales increased by 12% year over year.

Speaker #3: This increase was primarily driven by lower EBITDA generation in the cement segment, while the remaining segments posted improvements. Consequently, the consolidated EBITDA margin contracted to 19.7%, representing a 938 basis points decline year over year.

Speaker #5: Higher maintenance expenses and increased utilization of spare parts and supplies together with a greater impact from packaging costs related to the implementation of 25-kilogram program put upward pressure on our cost.

Speaker #3: On a sequential basis, the margin remained broadly stable, decreasing 114 basis points quarter over quarter. Additionally, the higher contribution from other segments, which operate with structurally lower margins, also weighed on the consolidated margin.

Speaker #5: On the other hand, energy inputs continued to support cost management efforts, particularly thermal energy. On a sequential basis, unit cost, including depreciation, remained almost flat, increasing only 0.8% quarter over quarter.

Marcos Gradin: On a sequential basis, unit cost, including depreciation, remained almost flat, increasing only 0.8% quarter-over-quarter. The contraction in cement was followed by a decline in aggregates, while the concrete and railroad segments posted improvements. Finally, SG&A expenses increased by 6.3%, mainly driven by a higher allowance for doubtful accounts and increased IT expenses, partially offset by lower freight and marketing costs. As a percentage of sales, SG&A stood at 12.9%, up 97 basis points from Q4 2024. For fiscal year 2025, gross profit declined by for 24.8%, while margin contraction by 493 basis points to 21.8%. Please turn to slide nine.

Speaker #3: In the cement segment, adjusted EBITDA margin came in at 22.7% compared to 37.7% in the fourth quarter of 2024, which represented a particularly strong comparison base.

Speaker #5: The contraction in cement was followed by a decline in aggregates, while the concrete and railroad segments posted improvements. Finally, SG&A expenses increased by 6.3%, mainly driven by a higher allowance for doubtful accounts and increased IT expenses.

Speaker #3: The year-over-year decline was largely explained by higher cost of sales, a softer pricing dynamics. While pricing has shown a sequential improvement, it still remained below prior year levels.

Speaker #5: Partially offset by lower freight and marketing cost. As a percentage of sales, SG&A stood at 12.9%, up 97 basis points from the fourth quarter of 2024.

Marcos: Cost of sales increased by 11.5% year-over-year, primarily driven by higher grade costs in the cement segment, along with a greater depreciation impact following the completion of the 25 kg bagging project. Additionally, cost performance in Q4 2024 represented a challenging comparison base. Regarding the cement segment, cost of sales increased by 12% year-over-year. Higher maintenance expenses and increased utilization of spare parts and supplies, together with a greater impact from packaging costs related to the implementation of 25 kg program, put upward pressure on our costs. On the other hand, energy inputs continued to support cost management efforts, particularly thermal energy. On a sequential basis, unit costs, excluding depreciation, remained almost flat, increasing only 0.8% quarter-over-quarter. The contraction in cement was followed by a decline in aggregates, while the concrete and railroad segments posted improvements.

Speaker #3: Performance was also impacted by higher SG&A expenses, and a lower contribution from other gains and losses during the quarter. In the concrete segment, adjusted EBITDA margin improved by 326 basis points, but remained in negative territory.

Speaker #5: For fiscal year 2025, gross profit declined by 24.8%, while margin contraction by 493 basis points to 21.8%. Please turn to slide nine, consolidated adjusted EBITDA for the quarters stood at 37 million dollars, while in pesos it reached 44 billion, reflecting a 33.4% year-over-year decline.

Speaker #3: Coming in at negative 2.8% compared to negative 6.1% in the fourth quarter of 2024. The recovery in sales volumes helped debute fixed costs; however, softer pricing dynamics in a highly competitive environment continue to weigh on the segment's performance.

Marcos Gradin: Consolidated adjusted EBITDA for the quarter stood at $37 million, while in ARS it reached ARS 44 billion, reflecting a 33.4% year-over-year decline. This decrease was primarily driven by lower EBITDA generation in the cement segment, while the remaining segments posted improvements. Consequently, the consolidated EBITDA margin contracted to 19.7%, representing a 938 basis points decline year-over-year. On a sequential basis, the margin remained broadly stable, decreasing 114 basis points quarter-over-quarter. Additionally, the higher contribution from other segments, which operate with structurally lower margins, also weighed on the consolidated margin. In the cement segment, adjusted EBITDA margin came in at 22.7% compared to 37.7% in Q4 2024, which represented a particularly strong comparison base.

Speaker #5: This decrease was primarily driven by lower EBITDA generation in the cement segment. While the remaining segments posted improvements. Consequently, the consolidated EBITDA margin contracted to 19.7%, representing a 938 basis points decline year over year.

Speaker #3: Turning to aggregates, adjusted EBITDA margin improved by 80 basis points year over year, to negative 8.1%. From negative 8.9% in the same quarter last year.

Speaker #3: Although volumes continue to expand, profitability remained constrained by a competitive pricing environment and unfavorable sales mix, with a higher share of lower margin products.

Speaker #5: On a sequential basis, the margin remained broadly stable, decreasing 114 basis points quarter over quarter. Additionally, the higher contribution from other segments, which operate with structurally lower margins, also weighed on the consolidated margin.

Speaker #3: Finally, in the roadbook segment, adjusted EBITDA margin improved by 233 basis points year over year, reaching 1.9% in the fourth quarter of 2025. Compared to negative 0.4% in the prior year period.

Marcos: Finally, SG&A expenses increased by 6.3%, mainly driven by a higher allowance for doubtful accounts and increased IT expenses, partially offset by lower freight and marketing costs. As a percentage of sales, SG&A stood at 12.9%, up 97 basis points from Q4 2024. For fiscal year 2025, gross profit declined by 24.8%, while margin contraction by 493 basis points to 21.8%. Please turn to slide 9. Consolidated adjusted EBITDA for the quarter stood at $37 million, while in ARS it reached ARS 44 billion, reflecting a 33.4% year-over-year decline.

Speaker #5: In the cement segment, adjusted EBITDA margin came in at 22.7% compared to 37.7% in the fourth quarter of 2024. Which represented a particularly strong comparison base.

Speaker #3: Volumes posted a modest decrease, mainly driven by higher shipments of granitic aggregates, however, the continued disruption of Bahía Blanca railroad line constrained longer-haul traffic, particularly grains, gypsum, and flaxseed.

Speaker #5: The year-over-year decline was largely explained by higher cost of sales, a softer pricing dynamics. While pricing has shown a sequential improvement, it still remained below prior year levels.

Marcos Gradin: The year-over-year decline was largely explained by higher cost of sales and softer pricing dynamics. While pricing has shown a sequential improvement, it still remained below prior year levels. Performance was also impacted by higher SG&A expenses and a lower contribution from other gains and losses during the quarter. In the concrete segment, adjusted EBITDA margin improved by 326 basis points but remained in negative territory, coming in at negative 2.8% compared to negative 6.1% in Q4 2024. The recovery in sales volumes helped diluted fixed costs. However, softer pricing dynamics in a highly competitive environment continued to weigh on the segment's performance. Turning to aggregates, adjusted EBITDA margin improved by 80 basis points year-over-year to negative 8.1%, from negative 8.9% in the same quarter last year.

Speaker #3: These challenges were partially offset by ongoing cost control initiatives. For fiscal year 2025, adjusted EBITDA total 146 million dollars, or 181 billion pesos, down 24%, with a margin contraction of 154 basis points to 21.3%.

Speaker #5: Performance was also impacted by higher SG&A expenses, and a lower contribution from other gains and losses during the quarter. In the concrete segment, adjusted EBITDA margin improved by 326 basis points, but remained in negative territory.

Speaker #5: Coming in at negative 2.8% compared to negative 6.1% in the fourth quarter of 2024. The recovery in sales volumes helped dilute fixed costs; however, softer pricing dynamics in a highly competitive environment continue to weigh on the segment's performance.

Speaker #3: Moving to the bottom line on slide 11. Net profit attributable to the owners of the company totaled 6.2 billion pesos, compared to 29.5 billion pesos in the fourth quarter of 2024.

Marcos: This decrease was primarily driven by lower EBITDA generation in the Cement segment, while the remaining segments posted improvements. Consequently, the consolidated EBITDA margin contracted to 19.7%, representing a 938 basis points decline year-over-year. On a sequential basis, the margin remained broadly stable, decreasing 114 basis points quarter-over-quarter. Additionally, the higher contribution from other segments, which operate with structurally lower margins, also weighed on the consolidated margin. In the Cement segment, adjusted EBITDA margin came in at 22.7% compared to 37.7% in Q4 2024, which represented a particularly strong comparison base. The year-over-year decline was largely explained by higher cost of sales and softer pricing dynamics. While pricing has shown a sequential improvement, it still remained below prior year levels.

Speaker #3: The decline was primarily driven by weaker operating performance along with a lower net financial result, reflecting a reduced impact on inflation. This was partially offset by lower income tax expenses.

Speaker #5: Turning to aggregates, adjusted EBITDA margin improved by 80 basis points year over year, to negative 8.1%. From negative 8.9% in the same quarter last year.

Speaker #3: On the financial side, the company reported a net financial loss of 9.8 billion pesos for the quarter, compared to a net financial gain of 1.1 billion pesos in the same period of 2024.

Speaker #5: Although volumes continue to expand, profitability remains constrained by a competitive pricing environment and unfavorable sales mix, with a higher share of lower margin products.

Marcos Gradin: Although volumes continued to expand, profitability remained constrained by a competitive pricing environment and unfavorable sales mix, with a higher share of lower margin products. Finally, in the railroad segment, adjusted EBITDA margin improved by 233 basis points year-over-year, reaching 1.9% in Q4 2025, compared to -0.4% in the prior year period. Volumes posted a modest decrease, mainly driven by higher shipments of granitic aggregates. However, the continued disruption of Bahía Blanca railroad line constrained longer haul traffic, particular grains, gypsum, and frac sand. These challenges were partially offset by ongoing cost control initiatives.

Speaker #3: The year-over-year variation was mainly explained by a lower gain from the net monetary position, reflecting a more normalized inflation environment. Additionally, net financial expenses decreased 2.1% to 14.4 billion pesos, primarily driven by higher financial income as a result of stronger average cash during the period.

Speaker #5: Finally, in the railroad segment, adjusted EBITDA margin improved by 233 basis points year over year, reaching 1.9% in the fourth quarter of 2025. Compared to negative 0.4% in the prior year period.

Speaker #5: Volumes posted a modest decrease, mainly driven by higher shipments of granitic aggregates; however, the continued disruption of Vaya Blanca railroad line constrained longer-haul traffic, particularly grains, gypsum, and frac sand.

Marcos: Performance was also impacted by higher SG&A expenses and a lower contribution from other gains and losses during the quarter. In the Concrete segment, adjusted EBITDA margin improved by 326 basis points but remained in negative territory, coming in at negative 2.8% compared to negative 6.1% in Q4 of 2024. The recovery in sales volumes helped diluted fixed costs. However, softer pricing dynamics in a highly competitive environment continued to weigh on the segment's performance. Turning to Aggregates, adjusted EBITDA margin improved by 80 basis points year-over-year to negative 8.1%, from negative 8.9% in the same quarter last year. Although volumes continued to expand, profitability remained constrained by a competitive pricing environment and unfavorable sales mix, with a higher share of lower margin products.

Speaker #3: For full year 2025, net income attributable to owners of the company totaled 23.6 billion pesos, compared to 202.3 billion pesos in 2024. The year-over-year decline was primarily driven by the negative impact of the financial result, particularly the reduced contribution from the net monetary position along with weakened operating performance.

Speaker #5: These challenges were partially offset by ongoing cost control initiatives. For fiscal year 2025, adjusted EBITDA total 146 million dollars, or 181 billion pesos, down 24%, with a margin contraction of 454 basis points to 21.3%.

Marcos Gradin: For fiscal year 2025, adjusted EBITDA totaled $146 million, or ARS 181 billion, down 24% with a margin contraction of 454 basis points to 21.3%. Moving to the bottom line on slide 11. Net profit attributable to the owners of the company totaled ARS 6.2 billion compared to ARS 29.5 billion in Q4 2024. The decline was primarily driven by weaker operating performance, along with a lower net financial result, reflecting a reduced impact on inflation. This was partially offset by lower income tax expenses.

Speaker #3: Moving on to the balance sheet, as you can see on slide 12, we ended the quarter with net debt of 266 billion pesos, and a net debt to EBITDA ratio of 1.47 times, up from 0.89 times at the end of 2024.

Speaker #5: Moving to the bottom line on slide 11. Net profit attributable to the owners of the company totaled 6.2 billion pesos, compared to 29.5 billion pesos in the fourth quarter of 2024.

Speaker #3: And maintaining a comfortable maturity profile. Cash flow generated from operating activities totaled 58 billion pesos, compared to 62.8 billion pesos in the same period of last year.

Speaker #5: The decline was primarily driven by weaker operating performance along with a lower net financial result reflecting a reduced impact on inflation. This was partially offset by lower income tax expenses.

Marcos: Finally, in the Railroad segment, adjusted EBITDA margin improved by 233 basis points year-over-year, reaching 1.9% in Q4 2025, compared to negative 0.4% in the prior year period. Volumes posted a modest decrease, mainly driven by higher shipments of granitic aggregates. The continued disruption of Bahía Blanca railroad line constrained longer-haul traffic, particular grains, gypsum, and frac sand. These challenges were partially offset by ongoing cost control initiatives. For fiscal year 2025, adjusted EBITDA totaled $146 million or ARS 181 billion, down 24% with a margin contraction of 454 basis points to 21.3%. Moving to the bottom line on slide 11.

Speaker #3: The weaker operating performance was partially offset by a favorable working capital dynamic in ventures increased at a lower pace than in fourth quarter '24, releasing cash together with lower income tax payments; this more than offsets the additional cash requirements for higher fresh receivables and a lower contribution from accounts payable.

Speaker #5: On the financial side, the company reported a net financial loss of 9.8 billion pesos for the quarter, compared to a net financial gain of 1.1 billion pesos in the same period of 2024.

Marcos Gradin: On the financial side, the company reported a net financial loss of ARS 9.8 billion for the quarter, compared to a net financial gain of ARS 1.1 billion in the same period of 2024. The year-over-year variation was mainly explained by a lower gain from the net monetary position, reflected a more normalized inflation environment. Net financial expenses decreased 2.1% to ARS 14.4 billion, primarily driven by higher financial income as a result of stronger average cash during the period. For full year 2025, net income attributable to owners of the company totaled ARS 23.6 billion compared to ARS 202.3 billion in 2024.

Speaker #5: The year-over-year variation was mainly explained by a lower gain from the net monetary position reflected a more normalized inflation environment. Additionally, net financial 2.1% to 14.4 primarily driven by higher financial income as a result of stronger average cash during the period.

Speaker #3: Regarding investment activities, the company generated 34.9 billion pesos during the quarter, primarily driven by the liquidation of short-term investments that had been funded with the proceeds from the Class V bond issuance and were subsequently used to repay the Class II bond at maturity.

Speaker #5: For full year 2025, net income attributable to owners of the company totaled 23.6 billion pesos, compared to 202.3 in primarily driven by the negative impact of the financial result, particularly the reduced contribution from the net monetary position along with weakened operating performance.

Speaker #3: Capex totaled 17.5 billion pesos, decreasing quarter over quarter following the completion of the '25 kilogram buying project. In financial activities, the company used 129 billion pesos during the quarter, mainly related to the repayment of borrowings, particularly the December maturity of the Class II corporate bonds.

Marcos Gradin: The year-over-year decline was primarily driven by the negative impact of the financial result, particularly the reduced contribution from the net monetary position, along with a weakened operation performance. Moving on to the balance sheet, as you can see on slide 12, we ended the quarter with net debt of ARS 266 billion and a net debt to EBITDA ratio of 1.47x, up from 0.89x at the end of 2024, and maintaining a comfortable maturity profile. Cash flow generated from operation activities totaled ARS 58 billion compared to ARS 62.8 billion in the same period of last year. The weaker operating performance was partially offset by a favorable working capital dynamic. Inventories increased at a lower pace than in Q4 2024, releasing cash together with lower income tax payments.

Marcos: Net profit attributable to the owners of the company totaled ARS 6.2 billion compared to ARS 29.5 billion in Q4 2024. The decline was primarily driven by weaker operating performance, along with a lower net financial result reflecting a reduced impact on inflation. This was partially offset by lower income tax expenses. On the financial side, the company reported a net financial loss of ARS 9.8 billion for the quarter, compared to a net financial gain of ARS 1.1 billion in the same period of 2024. The year-over-year variation was mainly explained by a lower gain from the net monetary position, reflected a more normalized inflation environment.

Speaker #3: In US dollar terms, net debt stood at $183 million, with an average duration of one year. As of quarter end, 85% of total debt was denominated in US dollars, while the remaining balance was in pesos.

Speaker #5: Moving on to the balance sheet, as you can see on slide 12, we ended the quarter with net debt of 266 billion pesos, and a net debt-to-EBITDA ratio of 1.47 times, up from 0.89 times at the end of 2024.

Speaker #3: Subsequent to quarter end in January 2026, the company issued a new Class VI corporate bond for $60 million, with a 33-month tenure.

Speaker #5: And maintaining a comfortable maturity profile. Cash flow generated from operating activities totaled 58 billion pesos, compared to 62.8 billion pesos in the same period of last year.

Speaker #3: The transaction was multiple times oversubscribed, reflecting strong investor demand, and allowed the company to secure a 6.5% interest rate. This issuance fully covers the company in US dollar maturities for this year.

Speaker #5: The weaker operating performance was partially offset by a favorable working capital dynamic in ventures increased at a lower pace than in fourth quarter '24, releasing cash together with lower income tax payments.

Marcos: Additionally, net financial expenses decreased 2.1% to ARS 14.4 billion, primarily driven by higher financial income as a result of stronger average cash during the period. For full year 2025, net income attributable to owners of the company totaled ARS 23.6 billion compared to ARS 202.3 billion in 2024. The year-over-year decline was primarily driven by the negative impact of the financial result, particularly the reduced contribution from the net monetary position, along with a weakened operation performance. Moving on to the balance sheet.

Speaker #3: Now, for our final remarks, I will hand back the call to Sergio. Thank you.

Speaker #5: This more than offsets the additional cash requirements for higher cash receivables, and a lower contribution from accounts payable. Regarding investment activities, the company generated 34.9 billion pesos during the quarter, primarily driven by the liquidation of short-term investments that had been funded with the proceeds from the Class V bond issuance and were subsequently used to repay the Class II bond and maturity.

Marcos Gradin: This more than offsets the additional cash requirements for higher fresh receivables and a lower contribution from accounts payable. Regarding investment activity, the company generated ARS 34.9 billion during the quarter, primarily driven by the liquidation of short-term investments that had been funded with the proceeds from the Class 5 bond issuance, and were subsequently used to repay the Class 2 bond at maturity. CapEx totaled ARS 17.5 billion, decreasing quarter-over-quarter, following the completion of the 25 kg barring project. In financing activities, the company used ARS 129 billion during the quarter, mainly related to repayment of borrowings, particularly the December maturity of the Class 2 corporate bond. In US dollar terms, net debt stood at $183 million with an average duration of one year.

Speaker #2: Thank you, Marcos. Now, to finalize the presentation, I please ask you to time your slide 14. Following a solid third half of the year, the recovery lost momentum in the second semester.

Speaker #2: As political uncertainty threw in the election period together with financial and effects tension affect overall activity level. But through the economy is estimated to have explained by around 4% in 2025.

Speaker #5: Capex totaled 17.5 billion pesos, decreasing quarter over quarter following the completion of the 25-kilogram bowing project. In financial activities, the company used 129 billion pesos during the quarter, mainly related to the repayment of borrowings, particularly the December maturity of the Class II corporate bonds.

Speaker #2: The rebound in the same industry was more moderate than anticipated, with sympathy in the room still. The recovery from the sharp contraction of 2024. Within this context of time, monetary condition, margin reminder under-preserved.

Marcos: As you can see on slide 12, we ended the quarter with net debt of ARS 266 billion and a net debt to EBITDA ratio of 1.47 times, up from 0.89 times at the end of 2024, and maintaining a comfortable maturity profile. Cash flow generated from operation activities totaled ARS 58 billion compared to ARS 62.8 billion in the same period of last year. The weaker operating performance was partially offset by a favorable working capital dynamic. Inventories increased at a lower pace than in Q4 2024, releasing cash together with lower income tax payments. This more than offsets the additional cash requirements for higher press receivables and a lower contribution from accounts payable.

Speaker #2: Loma Negra's strong focus on cost discipline and operational efficiency was essential to preserving profitability in a challenging demand environment. We remain confident that the structural growth driver of the industry is intact.

Speaker #5: In US dollar terms, net debt stood at 183 million dollars, with an average duration of one year. As of quarter end, 85% of total debt was denominated in US dollars, while the remaining balance in pesos.

Marcos Gradin: As of quarter end, 85% of total debt was denominated in US dollars, with the remaining balance in pesos. Subsequent to quarter end in January 2026, the company issued a new Class 6 corporate bond for $60 million with a 33-month tenure. The transaction was multiple times oversubscribed, reflecting the strong investor demand, and allowed the company to secure a 6.5% interest rate. This issuance fully covers the company US dollar maturities for this year. Now for our final remarks, I will hand back the call to Sergio. Thank you.

Speaker #2: However, the normalization process and the full transmission of macroeconomic improvement to the real economy may take longer than previously expected. Looking ahead to 2026, we are optimistic that continued macro stabilization and a gradual easing of monetary constraint will help restore dynamics to economic activity.

Speaker #5: Subsequent to quarter end in January 2026, the company issued a new Class VI corporate bond for 60 million US dollars, with a 33-month tenure.

Speaker #5: The transaction was multiple times oversubscribed, reflecting the strong investor demand and allowed the company to secure a 6.5% interest rate this issuance fully covers the company in US dollar maturities for this year.

Speaker #2: That said, with several investment initiatives have been announced particularly in infrastructure road corridors meaning and energy. These projects have not yet translated into higher volume.

Marcos: Regarding investment activities, the company generated ARS 34.9 billion during the quarter, primarily driven by the liquidation of short-term investments that had been funded with the proceeds from the Class 5 bond issuance and were subsequently used to repay the Class 2 bond at maturity. CapEx totaled ARS 17.5 billion, decreasing quarter-over-quarter following the completion of the 25 kg Bari project. In financial activities, the company used ARS 129 billion during the quarter, mainly related to repayment of borrowings, particularly the December maturity of the Class 2 corporate bonds. In US dollar terms, net debt stood at $183 million with an average duration of 1 year. As of quarter end, 85% of total debt was denominated in US dollars, with the remaining balance in pesos.

Speaker #5: Now for our final remarks, I will hand back the call to Sergio. Thank you. Thank you, Marcos. Now, to finalize the presentation, I please ask you to time to slide 14.

Speaker #2: We expect their impact to materialize progressively as execution advances throughout the year. Argentina continues to face significant structural gaps that must be addressed to sustain long-term growth.

Sergio Faifman: Thank you, Marcos. To finalize the presentation, I please ask you to turn to slide 14. Following a solid first half of the year, the recovery lost momentum in the second semester as political uncertainty during the election period, together with financial and effect tension, affect overall activity level. The economy is estimated to have expanded by around 4% in 2025. The rebound in the cement industry was more moderate than anticipated, with seeming room still to recover from the sharp contraction of 2024. Within this context of tight monetary condition, margins remained under pressure. Loma Negra's strong focus on cost discipline, operational efficiency, was essential to preserving profitability in a challenging demand environment. We remain confident that the structural growth driver of the industry are intact.

Speaker #5: Following a solid third half of the year, the recovery lost momentum in the second semester. As political uncertainty threw in the election period together with financial and effects tension affect overall activity level.

Speaker #2: And Loma Negra is well positioned to play a central role in this next phase of development. This is the end of our prepared remarks.

Speaker #5: But through the economy is estimated to have explained by around 4% in 2025. The rebound in the same industry was more moderate than anticipated, with sympathy in room still.

Speaker #2: We are now ready to take questions. Operator, please open the call for questions.

Speaker #3: Thank you. We will now conduct a question-and-answer session. If you would like to ask a question, please press star and then the number one on your telephone keypads.

Speaker #5: The recovery from the sharp contraction of 2024. Within this context of tight monetary condition, margin remained under pressure. Loma Negra, a strong focus on cost discipline, operational efficiency, was essential to preserving profitability in a challenging demand environment.

Speaker #3: A confirmation tone will indicate that your line is in the question queue. You may press star and two (*) if you would like to remove your line.

Marcos: Subsequent to quarter end in January 2026, the company issued a new Class 6 corporate bond for $60 million with a 33-month tenure. The transaction was multiple times oversubscribed, reflecting the strong investor demand, and allowed the company to secure a 6.5% interest rate. This issuance fully covers the company US dollar maturities for this year. Now for our final remarks, I will hand back the call to Sergio. Thank you.

Speaker #3: For participants using speaker equipment, it may be necessary to pick up your handset prior to pressing the keys. Once again, star and then one on your telephone keypad will join you into the question queue.

Speaker #5: We remain confident that the structural growth driver of the industry is intact, however, the normalization process and the full transmission of macroeconomic improvement should the real economy may take longer than previously expected.

Speaker #3: We would also like to ask that you please limit yourselves to one question and one follow-up. If you have additional questions, you may re-queue for those questions and they will be addressed.

Sergio Faifman: However, the normalization process and the full transmission of macroeconomic improvement to the real economy may take longer than previously expected. Looking ahead to 2026, we are optimistic the continuing macro stabilization and a gradual easing of monetary constraints will help restore dynamics to economic activity. That said, several investment initiatives have been announced, particularly in infrastructure, road corridors, mining, and energy. These projects have not yet translated into higher volume. We expect their impact to materialize progressively as execution advances throughout the year. Argentina continues to face significant infrastructure gaps that must be addressed to sustain long-term growth, and Loma Negra is well positioned to play a central role in this next phase of development. This is the end of our prepared remarks. We are now ready to take questions. Operator, please open the call for questions.

Speaker #5: Looking ahead to 2026, we are optimistic the continued macro-stabilization and a gradual easing of monetary constraints will help restore dynamics to economic activity. That said, with several investment initiatives have been announced, particularly in infrastructure, road corridors, mining, and energy.

Speaker #3: Also, please note that Mr. Sergio Faifman will be responding in Spanish immediately following an English translation. Please hold momentarily while we assemble our roster.

Sergio Faifman: Thank you, Marcos. To finalize the presentation, I please ask you to turn to slide 14. Following a solid Q1, Q2, the recovery lost momentum in Q3, Q4 as political uncertainty during the election period, together with financial and FX tension, affect overall activity level. The economy is estimated to have expanded by around 4% in 2025. The rebound in the cement industry was more moderate than anticipated, with significant room still to recover from the sharp contraction of 2024. Within this context of tight monetary condition, margins remained under pressure. Loma Negra's strong focus on cost discipline, operational efficiency, was essential to preserving profitability in a challenging demand environment. We remain confident that the structural growth driver of the industry are intact.

Speaker #3: Our first question comes from Alejandra Obregon from Morgan Stanley. Please go ahead with your question.

Speaker #5: These projects have not yet translated into higher volume. We expect they are impacting to materialize progressively as execution advances throughout the year. Argentina continues to face sympathy in structural gaps that must be addressed to sustain long-term growth.

Speaker #4: Thank you. Hi, good morning, everyone. My question is on the energy side. I was wondering if you can talk about your approach on energy management this year, particularly in terms of energy mix, fuel contracting, hedging, perhaps shifting into renewables and alternatives.

Speaker #5: And Loma Negra is well positioned to play a central role in this next phase of development. This is the end of our prepared remarks.

Speaker #4: And all these sorts of things and what energy cash costs trends should we be thinking about for the year ahead of perhaps additional volatility in this particular theme?

Speaker #5: We are now ready to take questions. Operator, please open the call for questions. Thank you. We will now conduct a question-and-answer session. If you would like to ask a question, please press star and then the number one on your telephone keypads.

Speaker #4: Thank you.

Operator: Thank you. We will now conduct a question-and-answer session. If you would like to ask a question, please press star and then the 1 on your telephone keypads. Confirmation tone will indicate that your line is in the question queue. You may press star and 2 if you would like to remove your line. For participants using speaker equipment, it may be necessary to pick up your handset prior to pressing the keys. Once again, star and then 1 on your telephone keypad will join you into the question queue. We would also like to ask that you please limit yourselves, your questions to 1 question and 1 follow-up. If you have additional questions you may re-queue for those questions. They will be addressed. Also, please note that Mr. Sergio Faifman will be responding in Spanish immediately following an English translation.

Speaker #5: Hi, Alejandra. Thank you for your question. Con respecto a combustibles, te diría que desde hace años venimos con una matriz que es básicamente gas.

Speaker #5: Confirmation tone will indicate that your line is in the question queue. You may press star and two if you would like to remove your line.

Sergio Faifman: However, the normalization process and the full transmission of macroeconomic improvement to the real economy may take longer than previously expected. Looking ahead to 2026, we are optimistic the continuing macro stabilization and a gradual easing of monetary constraint will help restore dynamics to economic activity. That said, with several investment initiatives have been announced, particularly in infrastructure, road corridors, mining, and energy. These projects have not yet translated into higher volume. We expect their impact to materialize progressively as execution advance throughout the year. Argentina continues to face significant infrastructure gaps that must be addressed to sustain long-term growth, and Loma Negra is well positioned to play a central role in this next phase of development. This is the end of our prepared remarks. We are now ready to take questions. Operator, please open the call for questions.

Speaker #5: With respect to thermal energy, in the last few years, we are utilizing a matrix that is primarily natural gas. El costo del gas producto de el avance de vaca muerta y demás viene disminuyendo.

Speaker #5: For participants using speaker equipment, it may be necessary to pick up your handset prior to pressing the keys. Once again, star and then one on your telephone keypad will join you into the question queue.

Speaker #5: We would also like to ask that you please limit yourselves your questions to one question and one follow-up. If you have additional questions, you may re-queue for those questions and they will be addressed.

Speaker #5: The cost of natural gas, due to the improvements in production with Vaca Muerta, has been lowering. Tal como habíamos comentado el año pasado, que habíamos firmado contratos por un año con costo menor, este año está sucediendo lo mismo.

Speaker #5: Also, please note that Mr. Sergio Faifman will be responding in Spanish immediately following an English translation. Please hold momentarily while we assemble our roster.

Speaker #5: And as we commented last year, that we started signing contracts at the lower prices, this year it's happening the same. En general, nuestros contratos van de octubre a abril del año siguiente durante el periodo de verano de Argentina.

Operator: Please hold momentarily while we assemble our roster. Our first question comes from Alejandra Obregón from Morgan Stanley. Please go ahead with your question.

Speaker #5: In our first question comes from Alejandra Obregon from Morgan Stanley. Please go ahead with your question.

Speaker #2: Thank you. Hi, good morning, everyone. My question is on the energy side. I was wondering if you can talk about your approach on energy management this year, particularly in terms of energy mix, fuel contracting, hedging, perhaps shifting into renewables and alternatives.

Alejandra Obregón: Thank you. Hi, good morning, everyone. My question is on the energy side. I was wondering if you can talk about your approach on energy management this year, particularly in terms of energy mix, fuel contracting, hedging, perhaps shifting into renewables and alternatives, and all these sorts of things, and what energy cash cost trends should we be thinking about for the year ahead of perhaps additional volatility in this particular theme? Thank you.

Speaker #5: Generally, our contracts go from October to April of the next year. Y ya hemos cerrado la mayoría de los contratos para octubre del '26 hasta abril del '27, con precios inferiores a los actuales.

Operator: Thank you. We will now conduct a question and answer session. If you would like to ask a question, please press star and then the number 1 on your telephone keypads. Confirmation tone will indicate that your line is in the question queue. You may press star and 2 if you would like to remove your line. For participants using speaker equipment, it may be necessary to pick up your handset prior to pressing the keys. Once again, star and then 1 on your telephone keypad will join you into the question queue. We would also like to ask that you please limit yourselves, your questions to one question and one follow-up. If you have additional questions you may re-queue for those questions, they will be addressed. Also, please note that Mr. Sergio Faifman will be responding in Spanish immediately following an English translation.

Speaker #5: And we already closed our contracts starting October of this year and until April of 2027, with prices even lower than the contracts we signed a year ago.

Speaker #2: And all these sorts of things and what energy cash cost trends should we be thinking about for the year ahead of perhaps additional volatility in this particular theme?

Speaker #2: Thank you.

Speaker #5: Actualmente, por algunos porcentajes menores, pero también hemos conseguido un contrato por dos y tres años. Actually, and lowering percentage, we already signed contracts for two or three years.

Speaker #3: Hi, Alejandra. Thank you for your question. Con respecto a combustibles, diría que desde hace años venimos con una matriz que es básicamente gas.

Sergio Faifman: Hi, Alejandra Obregón. Thank you for your question. With respect to thermal energy, in the last few years, we are utilizing an energy matrix that is primarily natural gas. The cost of natural gas due to the improvements in production with Vaca Muerta, it's been lowering. As we commented last year that we started signing contracts at lower prices, this year, it's happening the same. Generally, our contracts go from October to April of the next year. We already closed our contracts starting October of this year and until April of 2027, with prices even lower from the contracts we signed a year ago. Pointually and on a lower percentage, we already signed contract for 2 or 3 years.

Speaker #5: En el caso de energía eléctrica, también estamos teniendo algunas mejoras. Regarding electricity, we are already having some improvements. Por un lado, estamos aumentando nuestra participación de energía renovable.

Speaker #4: With respect to thermal energy, in the last few years, we are utilizing an energy matrix that is primarily natural gas.

Speaker #3: El costo del gas producto de avance de vaca muerta y demás viene disminuyendo.

Speaker #5: We are improving the participation of renewable energy sources. El año pasado llegamos al 57% de energía renovable y estos primeros meses ya estamos arriba del 60%.

Speaker #4: The cost of natural gas due to the improvements in production with vaca muerta has

Operator: Please hold momentarily while we assemble our roster. Our first question comes from Alejandra Obregon from Morgan Stanley. Please go ahead with your question.

Speaker #1: Been going

Speaker #2: El ano pasado contratos por un ano con costo menor sucediendo me

Speaker #5: El 67% last year and we are about that same year in the first month of 2026. El año pasado hemos firmado un nuevo contrato de energía renovable que empieza a partir de este año también con un precio muy competitivo.

Alejandra Obregon: Thank you. Hi, good morning, everyone. My question is on the energy side. I was wondering if you can talk about your approach on energy management this year, particularly in terms of energy mix, fuel contracting, hedging, perhaps, shifting into renewables and alternatives and all these sorts of things, and what energy cash cost trends should we be thinking about for the year ahead of perhaps additional volatility in this particular scene? Thank you.

Speaker #1: And we commented that last year that we started signing contracts at lower prices . This year it's happening the same

Speaker #2: Contract on the octubre abril de la siguiente durante el periodo de verano de Argentina

Speaker #5: Last year, we signed another contract for renewable energy that will start this year, with very good prices.

Speaker #1: Generally , our contracts go from October to April of the next year

Speaker #2: Contratos para octubre de 26 abril de 20 , seat con con precios inferiores

Speaker #4: Thank you. That was very clear.

Speaker #1: And we are closed . Our contracts starting October of this year until April of 2027 , with prices even lower from the contract we signed a year ago

Sergio Faifman: Hi, Alejandra. Thank you for your question. With respect to thermal energy, in the last few years, we are utilizing an energy matrix that is primarily natural gas. The cost of natural gas due to the improvement in production with Vaca Muerta, it's been lowering. We commented that last year that we started signing contracts at lower prices. This year, it's happening the same.

Speaker #3: Our next question comes from Andrés Caldona from Citigroup. Please go ahead with your question.

Speaker #6: Thank you. Good morning, everyone. I have a question about 2026 guidance. If you could comment a bit about volumes and margins, maybe in addition to that, give us some color about the first few specifically.

Speaker #2: Percentages menores pero también conseguido contrato por dos y tres anos .

Speaker #1: Punctually and A lowering lower and lower percentage . We already signed contracts for 2 or 3 years .

Speaker #6: Thank you. As you know, we utilize only finance of margins, ABTA, and other figures. Pero sí, en el caso de volúmenes, nuestra mejor estimación solemos darla.

Sergio Faifman: Regarding electricity, we are already having some improvements. On one side, we are improving the participation of our renewable energy source. In line with our sustainability guidance, we reached 67% last year, and we are above that this year in the Q1 of 2026. Last year, we signed another contract of renewable energy that will start this year with very good prices.

Speaker #2: Eléctrica también estamos teniendo algunas mejoras

Speaker #1: Regarding electricity . We are already having some improvements but we are some of participation We are improving the participation of renewable energy sources and we have

Speaker #6: Nosotros queremos que este año vamos a tener un año de crecimiento para el propio volume. We do believe that this year we are going to see a year of growth.

Speaker #2: Almost

Sergio Faifman: En general, nuestros contratos van de octubre a abril del año siguiente, durante el período de verano de Argentina.

Speaker #1: In line with our sustainability guidance we reached 67% last year and we are above that in the first two months , 26 .

Marcos: Generally, our contracts go from October to April of the next year.

Speaker #6: Enero y febrero los volúmenes fueron levemente inferiores a los del año pasado. Even though January and February figures were below in the year of our year comparison.

Sergio Faifman: Ya hemos cerrado la mayoría de los contratos para octubre del 2026 hasta abril del 2027 con precios inferiores a los actuales.

Speaker #2: And también competitivo .

Speaker #6: Creo que tiene que ver un poco con el inicio más tardío de las actividades y en el caso puntual de febrero, aunque este año tenemos carnaval en febrero, que el año pasado cayó en marzo.

Marcos: We already closed our contract starting October 2024 and until April 2027, with prices even lower from the contracts we signed a year ago.

Speaker #1: We signed another contract of renewable energy that will start this year with with very good prices

Speaker #3: I believe that it's mainly due to the activities for this year lagging in time. And we did have some festivities during February that also affected the dispatches for February.

Sergio Faifman: Igualmente, por algunos porcentajes menores, pero también hemos conseguido un contrato por 2 y 3 años.

Speaker #3: Thank you . That was very clear

Alejandra Obregón: Thank you. That was very clear.

Sergio Faifman: You're welcome.

Marcos: Pointfully and lowering, on a lower percentage, we already signed contract for two or three years.

Speaker #4: Our next question , our next question comes from Andres Cardona from Citigroup . Please go ahead with your question .

Operator: Our next question comes from Andres Cardona from Citigroup. Please go ahead with your question.

Speaker #6: Pero, cuando uno mira los volúmenes diarios hábiles de febrero, son similares al año pasado.

Speaker #5: Thank you . Good morning everyone . I have a question about 2026 guidance . If you could comment a bit about volumes and margins , maybe in addition to that , give us some color about the first year specifically Thank you

Andres Cardona: Thank you. Good morning, everyone. I have a question about 2026 guidance. If you could comment a bit about volumes and margins. Maybe in addition to that, give us some color about Q1 specifically. Thank you.

Sergio Faifman: En el caso de la energía eléctrica, también estamos teniendo algunas mejoras.

Speaker #3: But when we see the average daily dispatches, are similar to the ones we saw last year.

Marcos: Regarding electricity, we are already having some improvements.

Speaker #6: Creemos que todos los proyectos que están anunciados y que están avanzando, con varias cotizaciones solicitadas, deberían comenzar a importar en los volúmenes en los próximos meses.

Sergio Faifman: Por un lado, estamos aumentando nuestra participación de energía renovable.

Marcos: On one side, we are improving the participation of renewable energies.

Speaker #3: We believe that many projects are about to start, and we are participating in many terms that should start impacting volumes in the upcoming months.

Sergio Faifman: En términos de sensibilidad, el año pasado llegamos a 35.27% de energía renovable y en estos primeros meses ya estamos arriba del 70.

Sergio Faifman: As you know, we usually don't give guidance of margins, EBITDA, and other figures. About the volumes, we should think about that. We do believe that this year we are going to see it's going to be a year of growth. Even though January and February figures were below in the year-over-year comparison. I believe that it's mainly due to the activities for this year lagged in time. We did have some festivities during February that also affected the dispatches for February. When we see the average daily dispatches are similar to the ones we saw last year. We believe that many projects that are about to start, and we are participating in many tenders, that should start impacting volumes in the upcoming quarters.

Speaker #2: Martin

Speaker #1: As you know , we typically don't finance of margins and other figures That we do believe that this year we are going to see it's going to be a year of growth Even though January and February figures were below in the year over year comparison

Speaker #6: Porque debería avanzar el año un crecimiento de un dígito al.

Marcos: In line with our specific guidance, we reached 67% last year, and we are above that figure in Q1 of 2026.

Speaker #3: And this should be translated into growth of a single digit, but in the high range.

Sergio Faifman: El año pasado firmamos un contrato de energía eólica, y es a partir de este año también con precios muy competitivos.

Speaker #6: En el caso de margen, como habíamos comentado ya en la última call, and in terms of margins, as we also commented in our last call, veníamos en un proceso de recuperación de precio que, como vieron, se tradujo en el último quarter de presentados.

Marcos: Last year, we signed another contract of renewable energy that will start this year, with very good price. Thank you. That was very clear.

Speaker #6: We were in a process of improving prices, and that was translated in the figures of the last quarter that we presented. Proceso que se debería mantener durante los próximos meses, and we expect this process to continue in the upcoming months.

Speaker #2: On the En el caso puntual Tenemos tenemos carnaval en el ano pasado .

Sergio Faifman: No hay duda.

Operator: Our next question comes from Andres Cardona from Citigroup. Please go ahead with your question.

Speaker #3: Y debería tener un impacto en la recuperación de los márgenes también para los próximos meses.

Speaker #1: I believe that it's mainly due to that the activities for this year lagged in time , and we did have some festivities during February that also affected the dispatches for February .

Speaker #6: And this should have an impact on the recovery of margins for the upcoming quarters.

Speaker #2: Volumenes diarios de Febrero , son similares al ano pasado .

Speaker #3: And our next question comes from Marcelo Serlón from Itaú. Please go ahead with your question.

Speaker #1: But when we see the average daily dispatches are similar to the ones we saw last year .

Sergio Faifman: Gracias. Nosotros, como saben, no solemos dar datos de márgenes, EBITDA y esas figuras.

Speaker #7: Yes, hi everyone. Good morning. Thanks for taking my questions. There are just two follow-ups. The first is regarding the sales volumes expected for 2026.

Speaker #2: Los projects Estan avanzado con estaciones de are Los proximos meses .

Marcos: As you know, we usually don't give guidance of margins, EBITDA, and other figures.

Speaker #7: When you look into the AFCP data, it is showing 6% decline for the first two months on a year-to-year basis. So I'd like to hear from you guys what would we expect terms of sales volumes on Argentina in 2026.

Speaker #1: If you think that many projects that are about to start and we are participating in many terminals , the that should start impacting volumes in the upcoming

Sergio Faifman: Sí que en el caso de volúmenes, nuestra estimación que solemos dar, nosotros creemos que este año vamos a tener un año de crecimiento.

Marcos: About the volumes, as we usually think about that, we do believe that this year we are going to see, it's going to be a year of growth.

Speaker #7: And my second question is related to prices. You guys posted an increase in the price realization in the fourth quarter. I just would like to understand what are the company's expectations regarding prices, especially in dollar terms, moving through 2026.

Sergio Faifman: This should be translated into growth of a single digit, but in the high range. In terms of margins, as we also commented in our last call, we were in a process of improving prices, and that was translated in the figures of the last quarter that we presented. We expect this process to continue in the upcoming months. This should have an impact in the recovery of margins for the upcoming quarters.

Speaker #2: UN crecimiento de digital alto

Speaker #1: And it should be translated into rolls of of a single digit . But in the range

Sergio Faifman: En enero y febrero, los volúmenes fueron levemente inferiores a los del año pasado.

Marcos: Even though, January and February figures were below in the year-over-year comparison.

Speaker #2: In ultimate goal

Speaker #7: That's pretty much it. Thank you.

Sergio Faifman: creo que tiene que ver un poco con el inicio más tardío de las actividades y en el caso puntual de febrero, con que este año tenemos Carnaval en febrero, que el año pasado cayó en marzo.

Speaker #1: And in terms of margins , as we also commented in our last call

Speaker #6: Hi, Marcelo. Thank you for the question. Sí, con respecto a volumen, lo que comenté en el caso de industria está a los primeros meses, los dos primeros meses, 6% abajo del año pasado.

Speaker #2: In El ultimo presentados .

Marcos: I believe that, it's mainly due to the activities for this year, lagged in time, and we did have some festivities during February that also affected the dispatches for February.

Speaker #1: We were in the process of improving prices and that was translated in the figures of the of the last quarter that we presented .

Speaker #3: Well, regarding volumes, as I just mentioned, we are seeing the first two months of the year 6% below the on the year-on-year comparison.

Speaker #2: Durante Los proximos meses .

Speaker #1: We expect this process to continue in the upcoming months .

Sergio Faifman: Cuando uno mira los volúmenes diarios hábiles de febrero son similares al año pasado.

Speaker #2: Tener un impact on the recuperacion de las margins también para Los proximos .

Speaker #6: Si uno mira el histórico, enero, el año pasado había sido un mes razonablemente bueno. Y este año lo que hemos notado es un comienzo de actividades más tardío después de las fiestas de fin de año.

Marcos: When we see the average daily dispatches are similar to the ones we saw last year.

Speaker #1: And this just an impact in the recovery of margins for the for the upcoming quarters

Sergio Faifman: Creemos que todos los proyectos que están anunciados y que están avanzando con varias cotizaciones solicitadas, deberían comenzar a impactar en los volúmenes los próximos meses.

Speaker #3: If you see historical figures, January of last year was a pretty sound month in terms of volume dispatches. And we are seeing that the activity levels are lagging, are still lagging after the holiday season.

Speaker #4: And our next question comes from Marcelo Salas from Italo . Please go ahead with your question

Operator: Our next question comes from Marcelo Palhares from Itaú. Please go ahead with your question.

Marcos: We believe that many projects that are about to start, and we are participating in many tenders, that should start impacting volumes in the upcoming months.

Speaker #6: Yes . Hi everyone . Good morning . Thanks for taking my questions . There are just two follow ups . The first regarding the sales volumes expected for 2026 .

Marcelo Palhares: Yes. Hi, hi, everyone. Good morning. Thanks for taking my questions. There are just two follow-ups. The first regarding the sales volumes expected for 2026. When you look into the AFCP's data, it is showing a 6% decline for the first two months on a year-over-year base. I'd like to hear from you guys, what could we expect of the sales volumes from Argentina in 2026? My second question is related to prices. You guys posted an increase in the price realization in Q4. I just would like to understand, you know, what are the company expectations regarding prices, especially in dollar terms moving through 2026? That's pretty much it. Thank you.

Speaker #3: At the start of the year, it's been a little bit delayed.

Sergio Faifman: Debería aparecer el año un crecimiento por un dígito, alto.

Speaker #6: When you look into the data , it is showing 6% decline for the first two months . On a year over year basis .

Speaker #6: En el caso de febrero, como comenté, el impacto básicamente tiene que ver con carnaval, que este año cayó en febrero y el año pasado en marzo.

Marcos: This should be translated into growth of a single digit, but in the high range.

Speaker #6: So I'd like to hear from you guys . What could we expect terms sales volumes for Argentina in 2026 ? And my second question related to prices .

Speaker #6: Lo cual implica menos días útiles de trabajo.

Sergio Faifman: En el caso del margen, como era concentrado ya en la última call.

Speaker #3: In regard specifically to February, we have holidays that last year were in March. So that impacted the figure for February.

Speaker #6: You guys posted an increase in in price realization in the fourth . Q I just I just would like to understand , you know , what are the companies expectations regarding price , especially in dollar terms , moving through 2026 ?

Marcos: In terms of margins, as we also commented in our last call.

Sergio Faifman: Veníamos en un proceso de recuperación de precios que como vieron se tradujo en el último Q4 que presentamos.

Speaker #6: Y lo que dije, creo que cuando uno espera los volúmenes que vamos a esperar para marzo o abril y para adelante, deberían tener una recuperación respecto del año pasado.

Marcos: We were in a process of improving prices, and that was translated in the figures of the last Q that we presented.

Speaker #6: That's pretty much it . Thank you

Speaker #3: And what we are expecting for the volumes for the upcoming months—we are expecting to see a recovery from the volumes we saw last year.

Sergio Faifman: Proceso que se debería mantener durante los próximos meses.

Speaker #1: Hi , Marcelo .

Sergio Faifman: Hi, Marcelo. Thank you for your question. Well, regarding volumes, as I just mentioned, we are seeing the first two months of the year 6% below the year-on-year comparison. If you see historical figures, January of last year was a pretty sound month in terms of volume dispatches. We are seeing that the activity levels are lagging, are still lagging after the holiday season. At the start of the year, it's been a little bit delayed. In regarding...

Speaker #2: Thank you for your question El caso de industrias Por ciento del ano pasado .

Marcos: We expect this process to continue in the upcoming months.

Speaker #6: Respecto de precio, como saben, no damos números específicos de precio de aumentos.

Sergio Faifman: debería tener un impacto en la recuperación de los márgenes también para los próximos meses.

Marcos: This should have an impact in the recovery of margins for the upcoming quarters.

Speaker #3: Regarding prices, as you know, we don't give any guidance in terms of pricing.

Speaker #1: Well , regarding volumes , as I just mentioned , we are seeing the first two months of the year 6% below the the on the year on year comparison .

Speaker #6: Pero habíamos comentado el año pasado que habíamos empezado un proceso de recuperación de precio, lo cual, como vieron, está en el último quarter. But as we commented last year, by the second half of the year, we started a recovery process that was.

Operator: Our next question comes from Marcelo Surlon from Itaú. Please go ahead with your question.

Speaker #2: You know , the historical Bueno . Este ano is un comienzo de actividades mas tardio de la fiesta de .

Marcelo Furlan Palhares: Yes. Hi, everyone. Good morning. Thanks for taking my questions. There are just two follow-ups. Well, the first regarding the sales volumes expected for 2026. When you look into the AFCP's data, it is showing a 6% decline for the first two months on a year-over-year base. I'd like to hear from you guys, what could we expect of the sales volumes from Argentina in 2026? My second question is related to prices. You guys posted an increase in the price realization in Q4. I just would like to understand, you know, what are the company expectations regarding prices, especially moly after moving through 2026. That's pretty much it. Thank you.

Speaker #6: But you could see in the figures of the fourth Q. Situación que se mantiene en estos primeros meses del año. The situation will continue in the first months of this year.

Speaker #1: If you see historical figures . January of last year was a pretty sound month in terms of volume dispatches , and we are seeing that the the activity levels are lagging , are still lagging after the the holiday season and the start of the year .

Speaker #6: Y situación que pensamos se va a mantener, obviamente, sin ningún escenario de tipo de cambio más diferente. Se va a mantener por los próximos meses.

Speaker #3: And we expect this tendency to continue if there are no sudden changes in the effects. This tendency should continue in the upcoming quarters.

Speaker #1: It's been it's been a little bit delayed and .

Speaker #2: That's what I carnival de marzo lo cual es menor de de trabajo

Speaker #7: Okay, thank you so much, guys.

Speaker #3: And this concludes the question and answer session. I'd like to turn the floor back over to Diego for closing remarks.

Speaker #1: In regarding specifically in February , we have a holidays that last year where in March . So that impacted the figures for for February

Sergio Faifman: Specifically in February, we have holidays that last year were in March, that impacted the figure for February. Y lo que dije, que creo que cuando uno espera los volúmenes que podemos esperar para marzo, abril y para adelante, deberían tener una recuperación respecto del año pasado. What we are expecting for the volumes for the upcoming months, we are expecting to see a recovery from the volumes we saw last year. Respecto de precio, como saben, no damos números específicos de precio de aumentos. Regarding prices, as you know, we don't give any guidance in terms of pricing. Ya habíamos comentado el año pasado que habíamos empezado un proceso de recuperación de precio, lo cual, como vieron, está en el último Q4.

Speaker #8: Thanks again for joining us today. We appreciate your continued interest in Loma. I look forward to reconnecting with you on our next call. Have a great day.

Marcos: you for your question. Well, regarding volumes, as I just mentioned, we are seeing the first 2 months of the year 6% below the year-on-year comparison. If you see historical figures, January of last year was a pretty sound month in terms of volume dispatches. We are seeing that the activity levels are still lagging after the holiday season. At the start of the year, it's been a little bit delayed. Specifically in February, we have holidays that last year were in March, so that impacted the figure for February.

Speaker #2: Para adelante una recuperacion respecto del ano pasado

Speaker #1: And what we are expecting for the volumes for the upcoming months . We're expecting to see a recovery from the volumes we saw last year

Speaker #2: De precio de aumentos

Speaker #1: Regarding prices , as you know , we don't give any guidance in terms of pricing

Speaker #2: Proceso de recuperacion de precio Como esta en el ultimo quarter .

Speaker #1: But as we commented last last year , by the second half of the year , we started a recovery process . The that was that .

Sergio Faifman: As we commented last year, by the second half of the year, we started a recovery process that was that you could see in the figures of the Q4. Situación que se mantiene en estos primeros meses del año. The situation will continue in the first months of this year. Situación que pensamos se va a mantener, obviamente sin ningún escenario de tipo de cambio y de más diferentes, se va a mantener por los próximos meses. We expect this tendency to continue. If there's no sudden changes in the FX, this tendency should continue in the upcoming quarters.

Speaker #1: You could see in the in the figures of the rescue The situation will continue in the first month of this year .

Speaker #2: If it was An escenario de tipo de cambio de mar diferentes .

Speaker #1: Proximos . And we expect this tendency to continue if there is no sudden changes in the effects , this tendency should continue in the upcoming quarters

Speaker #6: Okay . Thank you so much

Marcelo Palhares: Okay, thank you so much, Fred.

Marcos: What we are expecting for the volumes for the upcoming months, we're expecting to see a recovery from the volumes we saw last year. Regarding prices, as you know, we don't give any guidance in terms of pricing. As we commented last year, by the second half of the year, we started a recovery process. That was what you could see in the figures of Q4. The situation will continue in the first months of this year. We expect this tendency to continue. If there's no sudden changes in the effects, this tendency should continue in the upcoming quarters.

Speaker #4: And this concludes the question and answer session . I'd like to turn the floor back over to Diego for closing remarks

Operator: This concludes the question-and-answer session. I'd like to turn the floor back over to Diego for closing remarks.

Speaker #1: Thanks again for joining us today . We appreciate your continued interest in and look forward to reconnecting with you and our next call .

Sergio Faifman: Thanks again for joining us today. We appreciate your continued interest in Summa. I look forward to reconnect with you on our next call. Have a great day.

Speaker #1: Have a great day .

Operator: The conference has now concluded. We do thank you for attending today's presentation. You may now disconnect your lines.

Marcelo Furlan Palhares: Okay. Thank you so much.

Operator: This concludes the question and answer session. I'd like to turn the floor back over to Diego for closing remarks.

Marcos: Thanks again for joining us today. We appreciate your continued interest in Summa, and look forward to reconnect with you on our next call. Have a great day.

Operator: The conference has now concluded. We do thank you for attending today's presentation. You may now disconnect your lines.

Q4 2025 Loma Negra Compania Industrial Argentina Sociedad Anonima Earnings Call

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