Loma Negra Compania Industrial Argentina SA (LOMA) 2024 Q3 法說會逐字稿

Good morning and welcome to the Loma Negra third-quarter 2024 conference call and webcast. (Operator instructions) Please note that this event is being recorded.

早上好，歡迎來到 Loma Negra 2024 年第三季電話會議和網路廣播。（操作員說明）請注意，該事件正在被記錄。

I would now like to turn the conference over to Mr Diego Jalon, Head of IR. Please Diego, go ahead.

現在我想將會議交給 IR 主管迭戈·賈隆 (Diego Jalon) 先生。迭戈，請繼續。

Thank you. Good morning and welcome to Loma Negra 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.

謝謝。早上好，歡迎參加 Loma Negra 財報電話會議。到目前為止，每個人都應該可以訪問我們的收益新聞稿和今天電話會議的演示文稿，這兩者都是在昨天收盤後發布的。

Joining me on the call this morning will be Sergio Faifman, our CEO and Vice President of the Board of Directors; and our CFO, Marcos Gardin. Both of them will be available for the Q&A session.

今天早上與我一起參加電話會議的還有我們的執行長兼董事會副總裁 Sergio Faifman；以及我們的財務長馬科斯·加丁 (Marcos Gardin)。他們兩人都將參加問答環節。

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. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances.

在我們繼續之前，我想發表以下安全港聲明。今天的電話會議將包含前瞻性聲明，我建議您參閱我們的收益發布和最近向美國證券交易委員會提交的文件中的前瞻性聲明部分。我們不承擔更新或修改任何前瞻性陳述以反映新的或變更的事件或情況的義務。

This conference call will also include discussion on non-GAAP financial measures. The full reconciliation of the corresponding financial measures is included in the earnings press release.

本次電話會議也將討論非公認會計準則財務指標。相應財務指標的全面調節已包含在收益新聞稿中。

Now, I would like to turn the call over to Sergio.

現在，我想把電話轉給塞爾吉奧。

Thank you, Diego. Hello everyone and thank you for showing us this morning. I would like to start my presentation by discussing the highlights of the quarter. Then Marco will take you through our market review and financial results. Following that, I will share some final remarks before opening the call to your question.

謝謝你，迭戈。大家好，感謝您今天早上向我們展示。我想透過討論本季的亮點來開始我的演講。然後 Marco 將帶您了解我們的市場回顧和財務表現。接下來，在開始回答你的問題之前，我將分享一些最後的評論。

Starting with slide 2. We are pleased to present Loma Negra third quarter results. This quarter, industry volume showed a strong sequential improvement increasing by 25%, while still below last year level. The study recovery inactivity indicates that we move past the most challenging period.

從投影片 2 開始。我們很高興公佈 Loma Negra 第三季業績。本季度，產業銷量較上月強勁成長 25%，但仍低於去年水準。研究恢復不活動表明我們已經度過了最具挑戰性的時期。

Diving into the number, our top line reached MXN180.7 billion , marking a 21.2% decrease in the quarter. Primarily due to the lower cement dispatches. This quarter, Loma achieved a consolidated assessment EBITDA of $55 million or MXN43 billion, down 18.5% compared to the same period last year. Our EBITDA margin stood at 24%, reflecting an improvement of 78 basis points year-over-year, which is a (inaudible) given the challenging scenario and this impact on demand.

深入研究數字，我們的營收達到 1,807 億墨西哥比索，本季下降 21.2%。主要是由於水泥出貨量減少。本季度，Loma 的綜合評估 EBITDA 為 5,500 萬美元（430 億墨西哥比索），比去年同期下降 18.5%。我們的 EBITDA 利潤率為 24%，年比提高了 78 個基點，考慮到充滿挑戰的情況以及對需求的影響，這是一個（聽不清楚）的結果。

On a per ton basis, EBITDA was $35.4, also maintaining a very solid performance. It's important to note that third quarter margins are lower in the (inaudible) factors such as higher energy costs. However, our flexibility and production strategy allow us to mitigate the full impact of winter cost.

以每噸計算，EBITDA 為 35.4 美元，也保持了非常穩健的表現。值得注意的是，由於能源成本上升等（聽不清楚）因素，第三季利潤率較低。然而，我們的靈活性和生產策略使我們能夠減輕冬季成本的全面影響。

On the financial side, our balance sheet continued to strengthen with net debt at $177 million. As mentioned in our last call, this quarter, recur less capital enabled us to develop and achieve a net debt ratio of 1.03 times.

在財務方面，我們的資產負債表持續增強，淨債務達到 1.77 億美元。正如我們在上次電話會議中提到的，本季度，循環資本的減少使我們能夠實現 1.03 倍的淨負債比率。

I will now hand off the call to Marco Gradin, who will (inaudible) you for our market review and as a result. Please Marcos go ahead.

我現在將把電話轉給 Marco Gradin，他將（聽不清楚）您接受我們的市場評估並得出結果。請馬科斯繼續。

Thank you, Sergio. Good morning, everyone. Please turn to slide 4. When looking at the evolution of (inaudible) for the industry, it is clear that cement dispatches have reached a significantly better level than in the previous two quarters. Volumes have increased by 25% sequentially, the same sequential comparison show an improvement of 6% in 2023.

謝謝你，塞爾吉奧。大家早安。請翻到幻燈片 4。當觀察產業（聽不清楚）的演變時，很明顯，水泥調度已達到比前兩季明顯更好的水平。銷量連續成長了 25%，同樣的連續比較顯示 2023 年將成長 6%。

And recent figures for October are in line with September figures, despite the impact of a national strike that affected the dispatches. Cement dispatches are recovering more quickly gaining ground in the dispatch mode breakdown and reaching 62%. In contrast, (inaudible) cement has been more affected by the economic environment. The [Sun City] public works and lower activity levels in larger private projects.

儘管全國罷工影響了調度，但 10 月的最新數據與 9 月的數據一致。水泥調度恢復速度更快，在調度模式細分中取得進展，達到 62%。相較之下，（聽不清楚）水泥受經濟環境的影響更大。[太陽城]公共工程和大型私人項目的活動水準較低。

The central bank's market reputation reports also points to an improved economic outlook, suggesting that the recovery will be done in the second half of this year, marking the end of the recession most challenging phase.

央行的市場聲譽報告也指出經濟前景有所改善，顯示復甦將在今年下半年完成，標誌著經濟衰退最具挑戰性階段的結束。

The construction activity indicator, though still below 2023 levels reflects this trend as well gradually narrowing the year-on-year comparison GAAP. Positive indicators such as a steady recovery of real wages, the downward trend in inflation, fiscal surplus and lower interest rates are a key factor that could enable a broader road for credit in our economy and encourage and accelerate foreign direct investment inflows. While macroeconomic conditions remain challenging, stable economic variables are essential for driving sustainable growth.

建築活動指標儘管仍低於 2023 年的水平，也反映了這一趨勢，並且 GAAP 同比比較逐漸縮小。實質薪資穩定回升、通膨下降、財政盈餘和利率下降等正面指標，是為我國經濟開闢更寬信貸道路、鼓勵和加速外國直接投資流入的關鍵因素。儘管宏觀經濟情勢依然充滿挑戰，但穩定的經濟變數對於推動永續成長至關重要。

Turning to slide 5 for a review of our top line performance by segment. The third quarter topline show a decrease of 21.2% magnitude to a lower top line performance of the cement business, also followed by the rest of the segments. The cement measure, the cement and line segment declined by 21% with volumes contracting 17.1% year-on-year coupled with sub (inaudible) performance.

請參閱投影片 5，按細分市場回顧我們的營收表現。第三季營收下降了 21.2%，水泥業務的營收表現較低，其餘業務也緊追在後。水泥業務、水泥和管道業務下降了 21%，銷量較去年同期下降 17.1%，且表現不佳（聽不清楚）。

Although the construction impacted we dispatches mode back cement is performance significantly better showing only a moderate decline, while back dispatches are lagging. The demand for back cement is more closely tied to larger projects which typically require additional time planning and stable market conditions to consolidate. Concrete revenues decreased by 29.7% in the quarter, primarily due to a 22% drop in dispatches. The type of projects that are central to our concrete segment are still struggling to gain traction.

儘管施工影響了我們的水泥回運模式，但業績顯著好轉，僅略有下降，而回運則落後。背面水泥的需求與大型專案更為緊密地連結在一起，這些專案通常需要額外的時間規劃和穩定的市場條件來鞏固。本季混凝土收入下降 29.7%，主要是由於出貨量下降 22%。作為我們混凝土領域核心的專案類型仍在努力獲得牽引力。

Mirroring the trend seen in bulk cement sites. Similarly, the aggregate segment experienced at [42.7] decline with sales volume down by 29% reflecting the pattern of the concrete segment. The reduced level of activity has resulted in a more challenging competitive landscape. Finally, very good revenue saw a modest decline of 4.7% in the quarter.

反映了散裝水泥站點的趨勢。同樣，骨材領域經歷了 [42.7] 的下降，銷量下降了 29%，反映了混凝土領域的模式。活動水準的減少導致競爭格局更具挑戰性。最後，非常好的收入在本季小幅下降了 4.7%。

Transported volumes dropped by 7% mainly due to the reduced activity in the construction sector. However, this was partially offset by increased volumes of grains and chemicals. The positive trend also helped mitigate the impact of lower transported volumes.

運輸量下降 7%，主要是因為建築業活動減少。然而，這被穀物和化學品數量的增加部分抵消。這一正面趨勢也有助於減輕運輸量下降的影響。

Moving on to slide 7, consolidated gross profit for the quarter declined 23.5% with a margin contraction of 69 basis points to 22.6%. Margins remain stable despite the volume contraction of our core business. In the cement segment, our cost management efforts help mitigate the impact of our lower top line. Although hydro thermal and electrical energy inputs tighten merges on a sequentially basis, this effect was partially offset year-over-year, while our production strategy of halting several kings and utilizing clinker to produce a lower energy cost during the warmer seasons.

轉向投影片 7，該季度綜合毛利下降 23.5%，利潤率收縮 69 個基點至 22.6%。儘管我們的核心業務銷售萎縮，但利潤率仍保持穩定。在水泥領域，我們的成本管理工作有助於減輕收入下降的影響。儘管水熱和電能投入依次收緊，但這種影響逐年被部分抵消，而我們的生產策略是在溫暖的季節停止幾個國王並利用熟料來生產較低的能源成本。

In the year-over-year comparison, thermal energy costs show considerable improvement. Additionally, reduced electrical energy needs from an extended halt in the length of grain phase increase the share of renewable energy in our energy matrix to 66% up from 39% in third quarter '23, further contributing to lower energy cost.

與去年同期相比，熱能成本顯著改善。此外，由於穀物階段時間延長而導致的電能需求減少，再生能源在我們能源矩陣中的份額從 23 年第三季的 39% 增加到 66%，進一步降低了能源成本。

On the other hand, the regular and concrete cement experienced emerging expansion, while aggregates more impacted by current economic conditions posted a significant contraction. For regular moderate decrease in volumes combined with positive price performance helped post its margins.

另一方面，普通水泥和混凝土水泥出現了擴張，而受當前經濟狀況影響較大的骨材出現了顯著收縮。銷量的定期適度下降加上積極的價格表現幫助其實現了利潤率。

Finally, SG&A expenses fell by 12.9% primarily because of reduced salaries, a lower cost from turnover tax and freight due to decreased volumes. As a percentage of sales, it stood at 9.2% an increase of 87 basis points from 8.3% because of the decline in revenues.

最後，SG&A 費用下降了 12.9%，主要是由於工資減少、營業稅和運費因銷售減少而降低的成本。由於收入下降，佔銷售額的百分比從 8.3% 上升了 87 個基點，達到 9.2%。

Please turn to slide 8. Our consolidated adjusted EBITDA for the quarter stood at USD55 million, while in pesos adjusted EBITDA reached [43 billion], down 18.5%.

請翻到幻燈片 8。我們本季的綜合調整後 EBITDA 為 5,500 萬美元，而以比索計算的調整後 EBITDA 達到[430 億]，下降了 18.5%。

Despite the volume decline and the challenging scenario, the consolidated beta margins remained resilient as to the 24% expanded by 78 basis points from last year. On a sequential basis supported to note that the third quarter show a larger margin due to higher seasonal cost.

儘管銷量下降且情況充滿挑戰，但綜合貝塔利潤率仍保持彈性，為 24%，較去年擴大了 78 個基點。環比來看，由於季節性成本較高，第三季的利潤率較高。

The cement segments adjusted EBITDA margin stood at 25.5%, a slight drop of 20 basis points. (inaudible) cost management and improved energy inputs helped mitigate the impact of a lower top line. Concrete adjusted EBITDA increased mxn484 million compared to the same quarter of last year with emerging expansion of 355 basis points reaching 4%. Cost control measures and gain from the sale of obsolete assets offset the lower top line.

水泥業務調整後 EBITDA 利潤率為 25.5%，小幅下降 20 個基點。 （聽不清楚）成本管理和改進的能源投入有助於減輕收入下降的影響。具體調整後 EBITDA 與去年同期相比增加了 4.84 億墨西哥比索，新興擴張 355 個基點，達到 4%。成本控制措施和出售過時資產的收益抵消了較低的收入。

The tested EBITDA margin of aggregates contracted to negative 70% from 4.8% in third quarter. '23. The low level of activity and more complex competitive environment affected a segment operational results.

經測試的 EBITDA 整體利潤率從第三季的 4.8% 降至負 70%。'23。低水準的活動和更複雜的競爭環境影響了分部的經營績效。

Finally, the (inaudible) adjusted the EBITDA margin expanded by 840 basis points in the quarter reaching 12.6%. (inaudible) volumes experienced a moderate decline mainly due to increased grain transport while prices showed solid growth, expective cost control further supported these positive results.

最後，（聽不清楚）調整後的 EBITDA 利潤率在本季擴大了 840 個基點，達到 12.6%。 （聽不清楚）數量略有下降，主要是由於糧食運輸增加，而價格則穩定增長，預期成本控制進一步支持了這些積極成果。

Moving on to the bottom line on slide 10. This quarter we posted a net profit attributable to owners of the company of MXN20.9 billion compared to a net profit of MXN22.9 billion in the third quarter of 2023. The lower operational results may lead to the drop in volumes was partially compensated with a higher total financial gain.

繼續看投影片 10 的最後一行。本季我們公佈的歸屬於公司所有者的淨利潤為 209 億墨西哥比索，而 2023 年第三季的淨利潤為 229 億墨西哥比索。較低的營運表現可能會導致銷售下降，但總財務收益較高，部分得到了補償。

Financially, we posted a total net financial gain of MXN12.6 billion for the quarter compared to a financial cost of MXN4.9 billion in the same period last year. Key variations include the reduced impact of exchange rate difference due to a slow devaluation pace and a lower net financial expense were driven by lower interest rates. This was partially offset by a smaller gain on the net monetary position as we held a lower passive monetary position during the quarter and by a softer effect from inflation adjustment.

在財務方面，我們本季的淨財務收益總額為 126 億墨西哥比索，而去年同期的財務成本為 49 億墨西哥比索。主要變化包括由於貶值步伐緩慢而導致匯率差異的影響減少，以及利率下降導致淨財務費用下降。由於我們在本季度持有較低的被動貨幣頭寸，因此淨貨幣頭寸收益較小，並且通膨調整的影響減弱，部分抵消了這一影響。

Moving on to the balance sheet. As you can see on slide 11, we ended the quarter with a net debt of MXN172 billion bringing our net debt to a EBITDA ratio to 1.03 times, down from 1.4 times at the end of 2023. As anticipated. In our last call, we reduced our indebtedness by $40 billion during the quarter further strengthening our balance sheet.

繼續看資產負債表。正如您在投影片 11 中看到的，本季結束時，我們的淨負債為 1,720 億墨西哥比索，使我們的淨負債與 EBITDA 比率降至 1.03 倍，低於 2023 年底的 1.4 倍。正如預期的那樣。在上次電話會議中，我們在本季減少了 400 億美元的債務，進一步強化了我們的資產負債表。

Cash generation from operation activities reached MXN64 billion , up from MXN45 billion in the same period of 2023, primarily driven by positive working capital effects. During the quarter, (inaudible) production was minimized to lower energy inputs, resulting in reduced inventory levels. This was further supported by decrease account receivables and reduced income tax payments.

經營活動產生的現金達到 640 億墨西哥比索，高於 2023 年同期的 450 億墨西哥比索，這主要是受到積極的營運資本效應的推動。本季度，（聽不清楚）產量被最小化，以降低能源投入，從而降低庫存水準。應收帳款減少和所得稅繳納減少進一步支持了這一點。

We allocated MXN17.4 billion to capital expenditure this quarter. Approximately 40% of this amount was invested in the 25 kg (inaudible) project. With the remainder primarily directed towards maintaining CapEx.

本季我們為資本支出分配了 174 億墨西哥比索。其中約 40% 投資 25 公斤（聽不清楚）項目。其餘部分主要用於維持資本支出。

During the quarter, the company used MXN34.8 billion in financial activities primarily for the repayment of borrowings and interest payments. In dollar terms, our debt reached $177 million at the end of this quarter with a duration of one year, breaking it by currency the dollar denominated debt represents 77% of the total debt, while the remaining portion is in Pesos.

本季度，該公司在金融活動中使用了 348 億墨西哥比索，主要用於償還借款和支付利息。以美元計算，截至本季末，我們的債務達到 1.77 億美元，期限為一年，以貨幣計算，以美元計價的債務佔總債務的 77%，其餘部分以比索計。

We address the maturity of the class 1 bond issued in Pesos, thereby reducing the weight of our local currency debt. Regarding the remaining bonds, the class 2 bonds are set to mature in the fourth quarter of 2025, while the class 3 and class 4 bonds will mature in 2026. We have a very clear horizon ahead in terms of our structure depth.

我們解決了以比索發行的 1 類債券的到期問題，從而減輕了我們的本幣債務重量。至於其餘債券，2級債券將於2025年第四季到期，而3級和4級債券將於2026年到期。就我們的結構深度而言，我們有著非常清晰的前景。

Now, for our final remarks, I would like to handle the call back to Sergio. Thank you.

現在，作為我們的最後發言，我想接聽給塞爾吉奧的電話。謝謝。

Thank you Marcos. Now to finalize the presentation, I please ask you to turn to slide 13. The third quarter showed a significant sequential improvement, clearly moving past the world's first authorization. However, the recovery is still in an early stage. For future progress (inaudible) to fully close the year-over-year GAAP.

謝謝馬科斯。現在，為了結束簡報，請大家翻到投影片 13。第三季顯示出顯著的環比改善，明顯超過了全球首次授權。然而，復甦仍處於早期階段。未來取得進展（聽不清楚）以完全結束同比公認會計準則。

Our personal flexibility and production strategy enable us to maintain healthy margins, mitigating the full impact of winter cold despite the lower dispatch level and difficult economic conditions. We are closely an optimal monitoring the evolution of the economic challenges as inflation and interest rates decline. The real economy and activity level will have a more solid foundation for growth.

儘管調度水平較低且經濟條件困難，但我們的個人靈活性和生產策略使我們能夠保持健康的利潤率，減輕冬季寒冷的全面影響。隨著通貨膨脹和利率下降，我們正在密切關注經濟挑戰的演變。實體經濟和活動水準將有更堅實的成長基礎。

The expansion of the credit and mortars loan could be a significant drive for the construction sector in the near future. Similarly, the reduction in countries now below 1,000 points for the first time since 2019, signing a positive step to attracting foreign investment.

信貸和迫擊砲貸款的擴張可能會在不久的將來成為建築業的重要推動力。同樣，目前各國的降幅自2019年以來首次低於1000點，簽署了吸引外資的積極步驟。

Amid all the challenges, the country holds as low potential ready to be unlocked. And Loma is well positioned to support and drive the (inaudible) forward. To conclude, I would like to thank all our employees and stakeholders for their commitment and continued support. This is end of our prepared remark.

儘管面臨所有挑戰，該國仍有待釋放的低潛力。洛馬處於有利位置，可以支持和推動（聽不清楚）前進。最後，我要感謝所有員工和利害關係人的承諾和持續支持。我們準備好的演講到此結束。

We are now ready to take question. Operator, please open the call for question.

我們現在準備好接受提問。接線員，請打開電話詢問。

Thank you. We will now conduct a question and answer session. (Operator instructions)

謝謝。我們現在將進行問答環節。（操作員說明）

Marina Martenz, Latin Security.

瑪麗娜·馬丁斯，拉丁保安。

Hi, good morning. Thanks for taking my questions. I have two questions. The first one on prices. So with inflation, slowing prices are becoming less frequent. How do you see this pricing dynamics moving forward? And what effect could it have in volumes and revenues?

嗨，早安。感謝您回答我的問題。我有兩個問題。第一個是價格。因此，隨著通貨膨脹，價格放緩的情況變得越來越少。您如何看待這種定價動態的發展？它會對銷售和收入產生什麼影響？

And the second one in the (inaudible) segment. It continues to be more depressed than the (inaudible) segment. So what catalyst do you see as necessary for larger construction projects to begin and for demand in this segment to pick up? Thank you.

以及（聽不清楚）部分的第二個。它仍然比（聽不清楚）部分更沮喪。那麼，您認為大型建設項目的啟動和該領域需求回升所必需的催化劑是什麼？謝謝。

Hi Marina. Thank you for your question. (spoken in foreign language)

嗨瑪麗娜。謝謝你的提問。（用外語說）

Regarding price dynamic, we are look closely the evolution of how can we continue to follow on our dynamic and adjusting prices. (spoken in foreign language)

關於價格動態，我們正在密切關注如何繼續追蹤我們的動態和調整價格的演變。（用外語說）

Besides the lower inflation in the last three months, we have continued to to adjust our prices on a monthly basis.

除了過去三個月通膨較低之外，我們還繼續按月調整價格。

(spoken in foreign language) Maybe with inflation of 2% or 1% per month. We can start thinking about adjusting prices on a three month or four month basis.

（用外語說）也許每月通貨膨脹 2% 或 1%。我們可以開始考慮每三個月或四個月調整一次價格。

(spoken in foreign language) With this level of of month inflation, if we made them into space in time, when we have to increase our prices, it would be in a two digit figure and that would be difficult for the market to take that that adjustment.

（用外語說）這樣的月通膨水平，如果我們把它們放到時間上，當我們不得不提高價格時，它會是兩位數的數字，市場將很難接受。

(spoken in foreign language) Regarding volumes, as you mentioned, back cement has been recovering more fast and bulk cement, this is still lagging.

（用外語發言） 關於產量，正如您所提到的，後水泥恢復得更快，而散裝水泥的恢復速度仍然滯後。

(spoken in foreign language) Regarding larger projects, which is the target of (inaudible) cement with the with the region and other bigger projects that are starting to gain peace, they are probably going to affect or impact the (inaudible)

（用外語發言）關於較大的項目，這是（聽不清楚）與該地區鞏固關係的目標，以及其他開始實現和平的較大項目，它們可能會影響或影響（聽不清楚）

(spoken in foreign language) Many private projects were monitoring the evolution of the effects and with this, with the steady evolution of the effects in the last couple of months, we are starting to pick up of this.

（用外語發言）許多私人項目正在監測影響的演變，隨著過去幾個月影響的穩步演變，我們開始注意到這一點。

(spoken in foreign language) Another important driver for bulk cement is the public works.

（用外語發言）散裝水泥的另一個重要驅動力是公共工程。

(spoken in foreign language) And in that case, we are seeing how the new scheme involving the private sector in the public works, how is this going to evolve. So we are going to, we are expecting this to start impact volumes next year.

（用外語發言）在這種情況下，我們正在看到涉及私營部門參與公共部門的新計劃如何運作，它將如何發展。因此，我們預計這將在明年開始影響銷售。

(spoken in foreign language) But these two variables should should have an impact on bulk and dispatches in the upcoming months.

（用外語發言）但這兩個變數應該會對未來幾個月的批量和發貨產生影響。

Thank you. I'm very clear.

謝謝。我很清楚。

You're welcome.

不客氣。

(Operator instructions)

（操作員說明）

[Marcela Forlon], Itau BBA.

[Marcela Forlon]，Itau BBA。

Hi, everyone. Good morning. Thanks for taking my question here. I have one question related to dividends. I mean, you guys posted the leveraging in the (inaudible) at one time and that if you did the that at one time at (inaudible) And you guys don't have any major project on the race.

大家好。早安.感謝您在這裡提出我的問題。我有一個關於股息的問題。我的意思是，你們一次在（聽不清楚）中發布了槓桿作用，如果你們一次在（聽不清楚）中做到了這一點，而且你們在比賽中沒有任何重大項目。

So my question is related to, if you could see some improvement in the events, maybe for the first Q or for 2025, as you know, you guys still have a healthy capital profile. So this is my question. Thank you.

所以我的問題是，如果你能看到事件有所改善，也許是第一個季度或 2025 年，正如你所知，你們仍然擁有健康的資本狀況。這就是我的問題。謝謝。

Hi, Marcela. Thank you for your question.

嗨，馬塞拉。謝謝你的提問。

(spoken in foreign language) Historically, third quarters are the ones that have a lower EBITDA margin. (spoken in foreign language) that's basically due to increased costs in the during the winter season.

（用外語發言）從歷史上看，第三季的 EBITDA 利潤率較低。 （用外語說）這主要是由於冬季成本增加所致。

(spoken in foreign language) Additionally, this this year we had some extra hike on some costs that impacted during the second and third quarter.

（用外語發言）此外，今年我們對第二和第三季影響的一些成本進行了額外的上漲。

(spoken in foreign language) For example, the impact of the hiking prices of transport, the energy that we had between (inaudible) 100% impacted between May, and those and that effect impacted the second and third quarter.

（用外語發言）例如，運輸價格上漲的影響，我們在五月之間（聽不清楚）100％的能源受到影響，而這些影響又影響了第二季度和第三季度。

(spoken in foreign language)In general as it typically happens in this process of high inflation. (spoken in foreign language)Loma gains gain gains margin because we, we kind of we have the capability of moving our prices quicker than our costs.

（用外語說）一般來說，這通常發生在高通膨的過程中。（用外語發言）洛馬獲得了利潤，因為我們有能力比成本更快地調整價格。

(spoken in foreign language) So if you look at the margins of the of the 3Q, they are impacted due to higher winter costs and probably going to see an improvement in the next, in the coming quarter.

（用外語發言）因此，如果你看看第三季度的利潤率，你會發現它們受到了冬季成本上升的影響，並且可能會在下一個季度看到改善。

(spoken in foreign language) Basically due to the, that now we are not going to have the impact on the winter cost in energy, not because of the other costs that have been moving following inflation.

（用外語發言）基本上是因為，現在我們不會對冬季能源成本產生影響，而不是因為通貨膨脹後其他成本一直在改變。

Okay. Thank you guys and a follow up question here. What are you thinking about dividends going forward?

好的。謝謝大家，還有一個後續問題。您對未來的股利有何看法？

(spoken in foreign language) So far we have we, we don't have anything planned for this year. (spoken in foreign language) For upcoming months or next year, we are analyzing the capital location alternatives, thinking about the better alternative for our shareholders.

（用外語發言）到目前為止，我們今年還沒有任何計劃。（用外語發言）在接下來的幾個月或明年，我們正在分析資本地點的選擇，為我們的股東考慮更好的選擇。

Okay, thank you so much guys.

好的，非常感謝你們。

You're welcome.

不客氣。

[Esteban Arrieta], Balanz.

[埃斯特萬·阿列塔]，巴蘭茲。

Good afternoon. Thanks for taking my question. And that (inaudible) situation, impose any debt repayment covenants on Loma Negra. If a control changes and additional connected to that would a control ship to another company would trigger a tender offer for (inaudible) shares.

午安.感謝您提出我的問題。在這種（聽不清楚）情況下，對 Loma Negra 施加任何債務償還契約。如果控制權發生變化並且與之相關的其他事項將控制權轉移給另一家公司，則會觸發對（聽不清楚）股票的要約收購。

Hi Esteban. Thank you for your question.

嗨埃斯特萬。謝謝你的提問。

(spoken in foreign language) There is no cover regarding change of control that may have an impact on the company.

（用外語發言） 沒有涉及可能對公司產生影響的控制權變更的保險。

(spoken in foreign language) Regarding a tender then the regulations of the NYC and CNB will apply considering that if an operation occurs.

（用外語發言）對於招標，考慮到是否發生操作，將適用紐約市和 CNB 的規定。

Thank you.

謝謝。

You're welcome.

不客氣。

Daniel Rojas, Bank of America.

丹尼爾·羅哈斯，美國銀行。

Hello, Sergio, Marcos, thanks for taking my call. Most of my questions have been asked, but I was curious and I was hoping to get a little bit more detail on the 25 kilo bag project you mentioned on the presentation. Does it make part of our strategy of selling smaller bags to to get better prices? What are you hoping to get in that sense from (inaudible) any color you can give us? And additionally to that, we've been very specific about the recovery of cement volumes. I know you've given some details on the call, but could you give us any additional color? Thank you.

你們好，塞爾吉奧，馬科斯，感謝你們接聽我的電話。我的大部分問題都被問到了，但我很好奇，我希望能了解您在演示中提到的 25 公斤袋項目的更多細節。這是否是我們銷售較小包款以獲得更優惠價格的策略的一部分？從這個意義上來說，您希望從（聽不清楚）您能給我們的任何顏色中得到什麼？除此之外，我們對水泥產量的恢復非常具體。我知道您已經提供了有關通話的一些詳細信息，但是您能給我們任何其他信息嗎？謝謝。

Hi, Daniel. Thank you for your question. (spoken in foreign language) The profitability of cement and bulk are are very close and all the same.

嗨，丹尼爾。謝謝你的提問。（用外語發言） 水泥和散裝的獲利能力非常接近，都一樣。

(spoken in foreign language) Obviously that had a more price and and also more costs. So the margins are better in the bulk and profitability more as the time.

（用外語發言）顯然，這樣的價格更高，成本也更高。因此，隨著時間的推移，整體利潤率會更好，獲利能力也會更高。

(spoken in foreign language) Regarding volumes, we can see first stage until June and then a hike in volumes, starting in July.

（用外語發言）關於成交量，我們可以看到第一階段直到六月，然後從七月開始成交量增加。

(spoken in foreign language) That recovery that we are seeing starting in July is more or less 30% up the figures of the first six months.

（用外語發言）我們從 7 月開始看到的復甦比前六個月的數字高出 30% 左右。

(spoken in foreign language) So only keeping this tendency, we are speaking about a recovery of or an increase in volumes for next year on a two figure (inaudible) .

（用外語發言）因此，只有保持這種趨勢，我們才會談論明年銷量的恢復或增加兩位數（聽不清楚）。

And if I may follow up on a lot of news has been published around the potential recovery of the mortgage market in Argentina. Can you give us any color on what you're seeing on the ground? How strong this recovery might be? Are banks jumping into the mortgage market? And are you starting to see permit activity, construction activity related to that or is it too early? Thank you.

請允許我跟進有關阿根廷抵押貸款市場潛在復甦的許多新聞。你能給我們一些你在地面上看到的東西的顏色嗎？這次復甦的力道有多強？銀行是否正在進軍抵押貸款市場？您是否開始看到與此相關的許可活動、建設活動，還是現在還為時過早？謝謝。

(spoken in foreign language) Yes, clearly, that's something that we have always said that would be very important for growth.

（用外語發言）是的，顯然，我們一直說這對成長非常重要。

(spoken in foreign language) Last month, last few months, there has been a recovery on real state sales. (spoken in foreign language) And there is a lot to grow in that matter as well.

（用外語發言）上個月，過去幾個月，房地產銷售出現了復甦。（用外語發言）在這方面還有很多值得成長的地方。

(spoken in foreign language) And many of those sales and those operations end up boosting future construction projects. (spoken in foreign language) So this continues and growth is going to have an impact on future sales.

（用外語發言）其中許多銷售和營運最終都促進了未來的建設項目。（用外語發言）這種情況持續下去，成長將對未來的銷售產生影響。

We'll conclude our question and answer session. I would like to turn the conference back over to Diego Jalon for closing remarks.

我們將結束問答環節。我想將會議轉回迭戈·哈隆（Diego Jalon）致閉幕詞。

Hi. Thank you everyone for joining us this morning. It was a pleasure for us to have this call and we look forward to meeting you again in our next call. Thank you very much.

你好。感謝大家今天早上加入我們。我們很高興接到這通電話，我們期待在下次電話中再次見到您。非常感謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines and have a pleasant day.

會議現已結束。感謝您參加今天的演講。您現在可以斷開線路並度過愉快的一天。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

此文字記錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。