Loma Negra Compania Industrial Argentina SA (LOMA) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Loma Negra first-quarter 2025 conference call and webcast. (Operator Instructions)

早上好，歡迎參加 Loma Negra 2025 年第一季電話會議和網路廣播。（操作員指示）

Also, Mr. Sergio Faifman will be responding in Spanish and immediately following in English translation. (Operator Instructions)

此外，Sergio Faifman 先生將用西班牙語進行回复，並立即以英語翻譯。（操作員指示）

Please note this event is being recorded.

請注意，此事件正在被記錄。

I will now turn the conference over to Mr. Diego Jalón, Head of IR. Please, Diego, go ahead.

現在我將會議交給投資者關係主管 Diego Jalón 先生。請繼續，迭戈。

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.

謝謝。早上好，歡迎參加 Loma Negra 的收益電話會議。現在，每個人都應該可以看到我們的收益新聞稿和今天的電話會議演示文稿，這兩份新聞稿和簡報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 Gradin. 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 Marcos Gradin。他們兩人都將出席問答環節。

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陳述，我請您參閱我們的收益報告和最近向美國證券交易委員會提交的文件中前瞻性陳述的部分。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。相應財務指標的完整對帳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 joining us this morning. I would like to start my presentation by discussing the highlights of the quarter. 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 your questions.

謝謝你，迭戈。大家好，感謝大家今天早上加入我們。我想透過討論本季的亮點來開始我的演講。然後，馬科斯將帶您了解我們的市場回顧和財務結果。接下來，在開始回答大家的問題之前，我將發表一些最後的演講。

Starting with slide 2, we are pleased to present Loma Negra results for the first quarter of 2025. We begin the year with renewed optimism, supported by recent forecasts projecting approximately 5% GDP growth for the Argentine economy. This encouraging environment, our industry continues its recovery, posting an 11% year-over-year increase in the first quarter, despite the impact of adverse weather conditions during the early months.

從幻燈片 2 開始，我們很高興展示 2025 年第一季的 Loma Negra 業績。我們以新的樂觀態度開始新的一年，最近的預測顯示阿根廷經濟的 GDP 成長率約為 5%。在這種令人鼓舞的環境下，我們的行業繼續復甦，儘管前幾個月受到惡劣天氣條件的影響，但第一季仍同比增長 11%。

However, this recovery remains in its early stage. If the economy meets the project growth, the real economy, particularly the construction sector, should benefit potentially fueling a more robust and sustained recovery in the months ahead.

然而，復甦仍處於早期階段。如果經濟滿足專案成長，實體經濟，特別是建築業，將受益，並有可能在未來幾個月推動更強勁、更持續的復甦。

As the year progresses, semi-consumption shows signs of improvement, which we believe will continue in the coming months. April, February were nearly 28% higher year over year, and up 13% on sequential basics. Diving into the quarterly results in the context of gradually recovery within an industry-style characterized by the high aid capacity, we continue to focus on driving efficiency and controlling cost. These efforts enable us to improve our margin, which rose by 140 basis points compared to the same period last year.

隨著時間的推移，半消費顯示出改善的跡象，我們相信這種趨勢將在未來幾個月持續下去。四月、二月年增近28%，較上季成長13%。深入分析季度業績，在高救助能力的產業格局逐步回升的背景下，我們持續專注於提升效率、控製成本。這些努力使我們的利潤率得以提高，與去年同期相比，利潤率提高了 140 個基點。

We achieved an adjusted EBITDA of $40 million. All through, this represents a 3.2% decrease in pesos. It's related to a solid USD36 per ton. We remain committed to protecting our profitability while maintaining a strong and resilient balance sheet.

我們的調整後息稅折舊攤提前利潤 (EBITDA) 達到 4,000 萬美元。總體而言，這意味著比索下跌了 3.2%。這與每噸36美元的固體價格有關。我們將繼續致力於保護我們的獲利能力，同時保持強勁而有彈性的資產負債表。

On the financial front, our balance sheets remain solid. During the quarter, net debt increased sequentially to $174 million, as the first quarter is typically more capital intensive. However, our net debt-EBITDA ratio remains comfortable below 1 times.

在財務方面，我們的資產負債表依然穩健。本季度，淨債務環比增加至 1.74 億美元，因為第一季通常資本密集度更高。然而，我們的淨債務與 EBITDA 比率仍保持在 1 倍以下。

I will now hand over the call to Marcos Gradin, who will give you a for-market review and financial results. Please, Marcos, go ahead.

現在我將把電話交給馬科斯·格拉丁 (Marcos Gradin)，他將向您提供市場回顧和財務結果。馬科斯，請繼續。

Thank you, Sergio. Good morning, everyone. Please turn to slide 4. We started the year with positive forecasts for the Argentine economy, which is expected to grow around 5% following a 1.7% contraction in 2024. However, that contraction affected sectors unevenly. While agriculture expanded by 31%, construction was the most affected, declining by 18%.

謝謝你，塞爾吉奧。大家早安。請翻到幻燈片 4。今年年初，我們對阿根廷經濟做出了積極的預測，預計阿根廷經濟將在 2024 年萎縮 1.7% 之後成長 5% 左右。然而，這種萎縮對各行業的影響並不均衡。雖然農業成長了 31%，但建築業受到的影響最大，下降了 18%。

Now, with the last two quarters showing signs of economy expansion, a recovery in construction activity is underway. Although the early months of the year were impacted by adverse weather conditions, the industry closed the quarter with an 11% year-over-year increase.

目前，隨著過去兩季經濟出現擴張跡象，建築活動正在復甦。儘管今年年初幾個月受到惡劣天氣條件的影響，但該行業在本季度末仍實現了 11% 的同比增長。

Notably, the second half of March showed encouraging figures in daily dispatches. Furthermore, recent data from AFCP for April indicates a more robust recovery, with cement volumes growing 28% year over year and 14% sequentially.

值得注意的是，三月下半月的每日出貨量數據令人鼓舞。此外，AFCP 四月份的最新數據顯示復甦勢頭更為強勁，水泥產量年增 28%，環比增長 14%。

The breakdown of cement sales by dispatch mode remained consistent with historical trends. Bulk cement accounted for 60% of total sales, while bulk cement represented 40%. We are cautiously optimistic about this start to the year. While we remain in the early stages of recovery, we expect the process to gain momentum and strengthen in the coming quarters.

以出貨方式劃分的水泥銷售與歷史趨勢一致。散裝水泥佔總銷量的60%，散裝水泥佔40%。我們對今年的開局持謹慎樂觀的態度。雖然我們仍處於復甦的早期階段，但我們預計這一進程將在未來幾季獲得動力並加強。

Turning to slide 5 for a review of our top-line performance by segment. First quarter top-line decreased by 8.9%, primarily due to the weaker performance in the cement segment, along with declines across other business areas. The cement-major cement and lime segment boasted a 10.9% revenue drop, despite an 8.9% year-over-year increase in volumes. Extending the recovery trend observed in previous quarters.

請翻到投影片 5，回顧我們各部門的營收表現。第一季營業收入下降 8.9%，主要原因是水泥業務表現疲軟，以及其他業務領域的下滑。水泥主業水泥和石灰部門的收入下降了 10.9%，儘管銷量比去年同期成長了 8.9%。延續前幾季的復甦趨勢。

However, the positive effect of higher volumes was offset by a softer pricing environment. That said, prices remain above the evolution of our internal cost structure. Concrete revenues declined by 1.4% in the quarter, as a 22.8% increase in volumes was offset by price pressures steaming from a more competitive market environment.

然而，銷售量增加的正面影響被較弱的定價環境所抵消。也就是說，價格仍然高於我們內部成本結構的演變。本季混凝土收入下降了 1.4%，因為銷售 22.8% 的成長被競爭更激烈的市場環境帶來的價格壓力所抵消。

The rise in sales volumes was driven by private infrastructure projects and renewable energy developments in the province of Buenos Aires, along with ongoing residential construction and a slight uptick in public works. Similarly, the aggregate segment boasted a 14.2% revenue decline, despite a 29% increase in sales volumes, driven by higher road construction activity in the province of Buenos Aires and Santa Fe.

銷售量的增長得益於布宜諾斯艾利斯省的私人基礎設施項目和可再生能源發展，以及正在進行的住宅建設和公共工程的略有增加。同樣，由於布宜諾斯艾利斯省和聖達菲省道路建設活動增加，儘管銷售量增加了 29%，但骨材部門的收入卻下降了 14.2%。

However, a still overall weak market activity continues to weight on pricing dynamics. Prices were also impacted by the sales mix, as road construction projects primarily require aggregates which carry a lower average price. Railroad revenues saw a more moderate decline of 1.2% in the quarter. Higher transported volumes, up 19.9%, helped offset softer pricing. Volume growth was primarily driven by increased transport of construction materials and grain.

然而，整體市場活動仍然疲軟，並繼續對定價動態造成壓力。價格也受到銷售組合的影響，因為道路建設項目主要需要平均價格較低的骨材。本季鐵路收入下降幅度較小，為 1.2%。運輸量增加 19.9%，有助於抵銷價格疲軟的影響。運輸量的成長主要得益於建築材料和穀物運輸量的增加。

However, the rise in grain transport negatively impacted the average price, as grain generates more revenue per kilometer transported. The main negative event of the quarter was the severe storm that struck Bahia Blanca on March 7, which disrupted the railroad-like connection in the city with Neuquén. This caused a negative impact on the transport of several products as a disruption whose effects are expected to continue into the second quarter.

然而，糧食運輸量的增加對平均價格產生了負面影響，因為每運輸一公里糧食可以產生更多的收入。本季的主要負面事件是 3 月 7 日襲擊巴伊亞布蘭卡的嚴重風暴，這場風暴擾亂了該市與內烏肯省的鐵路連接。這對多種產品的運輸造成了負面影響，預計這種影響將持續到第二季​​。

Moving on to slide 7, consolidated gross profit declined 4.7%, while gross margin expanded by 116 basis points year over year, reaching 26.4%. In the cement segment, higher volumes and effective cost management play a key role in mitigating the impact of a softer top line during this quarter.

轉到投影片 7，綜合毛利下降 4.7%，而毛利率年增 116 個基點，達到 26.4%。在水泥領域，更高的銷售量和有效的成本管理在減輕本季營業收入疲軟的影響方面發揮了關鍵作用。

Improved energy inputs cost had a positive effect on variable costs. As in the fourth quarter of last year, the company benefited from thermal energy contracts with year-over-year tariff reductions, including short-term agreements linked to oil production that presented spot opportunities.

改善能源投入成本對變動成本產生了正面影響。與去年第四季一樣，該公司受益於熱能合同，其電價同比下降，其中包括與石油生產相關的短期協議，這些協議提供了現貨機會。

On the electrical energy side, the year-over-year comparison reflects an increase in prices primarily due to adjustments in transport and distribution costs implemented last year. However, this effect was softened when measuring pesos. Additionally, lower maintenance expenses and a reduction in salary costs contributed further to overall cost efficiencies. Margin expanded across all segments except aggregates, which continues to be impacted by challenging market conditions despite volume growth.

在電能方面，年比來看，價格上漲主要是因為去年實施的運輸和配送成本調整。然而，當測量比索時，這種影響就減弱了。此外，較低的維護費用和工資成本的減少進一步提高了整體成本效率。除骨材業務外，所有業務的利潤率均有所擴大。儘管骨材業務的銷售量有所成長，但仍受到嚴峻的市場環境的影響。

Finally, SG&A expenses decreased by 7.8%, mainly due to lower marketing and IT expenditures, as well as a reduced salary cost. As a percentage of sales, SG&A reached 11.7%, representing a 14 basis points increase year over year, primarily due to the lower top line.

最後，銷售、一般及行政費用下降了 7.8%，主要原因是行銷和 IT 支出降低，以及薪資成本減少。作為銷售額的百分比，銷售、一般及行政費用達到 11.7%，較去年同期成長 14 個基點，主要歸因於營業收入較低。

Please turn to slide 8. Consolidated adjusted EBITDA for the quarter stood at USD40 million, while in pesos it reached ARS39.2 billion, reflecting a 3.2% year-over-year decline. This increase was primarily driven by lower EBITDA generation in the segment. However, the consolidated EBITDA margin expanded to 24%, representing a year-over-year increase of 140 basis points.

請翻到第 8 張投影片。本季綜合調整後 EBITDA 為 4,000 萬美元，以比索計算則達 392 億阿根廷比索，較去年同期下降 3.2%。這一增長主要是由於該部門 EBITDA 產生率較低所致。不過，合併EBITDA利潤率擴大至24%，年增140個基點。

In the cement segment, the adjusted EBITDA margin expanded to 28.9%, up 279 basis points, mainly driven by cost improvements. Costs declined by 21.9% on a per-ton basis, supported by higher sales volumes partially offset by softer pricing dynamics. The concrete segment saw its adjusted EBITDA margin improvement by 455 basis points, reaching minus 5.5% compared to minus 10% in the first quarter of last year. While cost controls and increased volumes contributed positively, they were not sufficient to fully offset the impact of continuing pricing pressures.

在水泥部門，調整後的 EBITDA 利潤率擴大至 28.9%，上升 279 個基點，主要得益於成本改善。每噸成本下降了 21.9%，這得益於銷售量的增加，但部分被較弱的定價機制所抵消。混凝土部門的調整後 EBITDA 利潤率提高了 455 個基點，達到負 5.5%，而去年第一季為負 10%。雖然成本控制和產量增加起到了積極作用，但不足以完全抵消持續的價格壓力的影響。

In the aggregate segment, the adjusted EBITDA margin fell sharply to minus 24.7% compared to minus 1.1% in the same quarter of last year. Although volumes continued to recover, profitability was significantly affected by a higher competitive market and an unfavorable product mix. The railroad segment also reported a contraction in its adjusted EBITDA margin, while declining by 592 basis points to minus 5.5% from 0.4% in the [fourth] quarter of 2024.

在整體領域，調整後的 EBITDA 利潤率大幅下降至負 24.7%，而去年同期為負 1.1%。儘管銷售量持續回升，但獲利能力卻受到市場競爭加劇和產品結構不利的嚴重影響。鐵路部門也報告其調整後的 EBITDA 利潤率出現收縮，從 2024 年第四季的 0.4% 下降 592 個基點至負 5.5%。

Volume growth, driven by increased shipments of construction materials and grain, helped support performance. However, the higher share of grain transport, which yields lower revenue per kilometer pressure margins. This effect was partially mitigated by affected cost controls.

受建築材料和穀物運輸量增加的推動，銷售成長有助於支撐業績。然而，糧食運輸份額較高，從而壓低了每公里的收益利潤。受影響的成本控制部分緩解了這種影響。

Moving on to the bottom line on slide 10, net profit attributed to owners of the company totaled ARS21.5 billion for the quarter, compared to a net gain of ARS79 billion in the first quarter of 2024. This decline was primarily driven by a lower financial result, while operation performance remained stable.

我們再來看第 10 張投影片的底線，本季歸屬於公司所有者的淨利潤總計 215 億阿根廷比索，而 2024 年第一季的淨收益為 790 億阿根廷比索。下降的主要原因是財務業績下降，而經營業績保持穩定。

On a financial front, the main driver of the year-over-year variation was a reduced gain on the net monetary position, reflecting a more moderate inflationary environment. The company reported a net financial gain of ARS8.9 billion for the quarter, compared to ARS103 billion in the same period of last year. Additionally, net financial expenses declined, supported by lower interest rates, a reduced debt position, and a smaller loss from exchange rate difference.

從金融角度來看，年比變化的主要驅動因素是淨貨幣部位收益減少，反映出通膨環境更加溫和。該公司報告本季淨財務收益為 89 億阿根廷比索，而去年同期為 1,030 億阿根廷比索。此外，受利率下降、債務減少以及匯率差異損失縮小的影響，淨財務費用有所下降。

Moving on to the balance sheet, as you can see on slide 11. We ended the quarter with a net debt of ARS187 billion, and a net debt to EBITDA ratio of 0.96 times, slightly up from 0.89 times at the end of 2024, as this quarter is typically more capital intensive. Cash flow used in operating activities totaled ARS1.3 billion, a significant improvement compared to the ARS12 million used in first quarter 2024, primarily driven by a reduced need for working capital.

繼續討論資產負債表，正如您在第 11 張投影片上看到的那樣。本季末，我們的淨債務為 1,870 億阿根廷比索，淨債務與 EBITDA 比率為 0.96 倍，略高於 2024 年底的 0.89 倍，因為本季通常資本密集度更高。經營活動所用現金流總計 13 億阿根廷比索，與 2024 年第一季的 1,200 萬阿根廷比索相比有顯著改善，這主要是由於營運資金需求減少。

We invested ARS11.1 billion in capital expenditure during this quarter, mainly directed towards the final stage of 25 kilogram backed projects and maintaining CapEx. During the quarter, the company generated ARS15 billion for financial activities, mainly from new borrowings, net of loan repayments, and interest payments.

本季我們投資了 111 億阿根廷比索的資本支出，主要用於 25 公斤支援計畫的最後階段和維持資本支出。本季度，該公司的金融活動產生了 150 億阿根廷比索的收入，主要來自新借款、貸款償還淨額和利息支付。

In US dollar terms, net debt stood at $174 million, with a duration of less than one year. The sequential increase is linked to seasonal capital demands, which tends to be more capital intensive due to a more aggressive production strategy during the warmer months. Dollar-dominated debt represents 84% of our total debt, with the remaining in pesos. The company's debt maturity profile remains well-balanced, with a Class 2 bond scheduled to mature on December 2025.

以美元計算，淨債務為 1.74 億美元，期限不到一年。連續成長與季節性資本需求有關，由於在溫暖的月份採取更積極的生產策略，資本密集度往往更高。以美元計價的債務占我們總債務的 84%，其餘債務則以比索計價。該公司的債務到期狀況保持良好平衡，二級債券計劃於 2025 年 12 月到期。

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

現在，作為我們的最後發言，我將回電給塞爾吉奧。謝謝。

Thank you, Marcos. Now, to finalize the presentation, I please ask you to turn to slide 13.

謝謝你，馬科斯。現在，為了結束簡報，請您翻到第 13 張投影片。

As mentioned earlier, we begin this year with (inaudible) optimist having left behind a challenging 2020 forecast. The consolidation of the stabilization plan, along with decreasing uncertainty and economic volatility, is creating a more promised outlook.

如前所述，我們以（聽不清楚）樂觀的態度開始今年的新年，同時拋下了充滿挑戰的 2020 年預測。穩定計畫的鞏固，加上不確定性和經濟波動性的減少，正在創造更光明的前景。

If Argentina achieves the project growth currently forecast at around 5% by market consensus and up to 5.5% according to present EIF estimates, our industry is well-positioned to enter a more sustained and deeper recovery in the coming quarter. And currently, the second half of March and the last few weeks show promising signs in the positive trend taking hold.

如果阿根廷的專案成長率達到目前市場普遍預測的 5% 左右，或根據目前的 EIF 估計達到 5.5%，那麼我們的產業將有望在下一季進入更持續、更深層的復甦。目前，3月下半月及最後幾週出現了積極趨勢的良好跡象。

Furthermore, recent changes in exchange rate policing and the easing of capital control represent long-waited measures that could play a pivotal role in accelerating the recovery process. This change may unlock investment projects that have been put on hold, awaiting greater clarity and flexibility. While there may be short-term impacts on the sector, as industry participants adjust to the new framework, we believe this is a critical step that will deliver significant long-term benefits.

此外，近期匯率政策的變化和資本管制的放鬆是人們期待已久的措施，可能在加速復甦進程中發揮關鍵作用。這項變更可能會解鎖那些被擱置、等待更大清晰度和靈活性的投資項目。雖然這可能會對該行業產生短期影響，但隨著行業參與者適應新框架，我們相信這是一個關鍵的一步，將帶來重大的長期利益。

All conditions remain challenging following the sharp decline our sector experienced last year. We are still in the early stage of recovery and operate with [synchrotic] ideal capacity. We remain focused on driving efficiency and controlling costs with the clear objective of subverting our profitability while continuing to deliver excellent products and services to our clients. We have high expectations for the future and confidence in our ability to capitalize on the opportunity ahead. We are now to take questions.

繼去年我們的產業經歷急劇下滑之後，所有情況仍然充滿挑戰。我們仍處於復甦的早期階段，並以理想的[同步]能力運作。我們始終專注於提高效率和控製成本，明確目標是突破獲利能力，同時繼續為客戶提供優質的產品和服務。我們對未來抱有很高的期望，並對我們抓住未來機會的能力充滿信心。我們現在來回答問題。

Operator, please open the call for questions.

接線員，請打開電話詢問。

(Operator Instructions) Also, please note that Mr. Sergio Faifman will be responding in Spanish immediately following the English translation.

（操作員指示）另外，請注意，Sergio Faifman 先生將在英文翻譯後立即回覆西班牙文。

(Operator Instructions)

（操作員指示）

Alejandra Obregón, Morgan Stanley.

亞歷杭德拉‧奧布雷貢，摩根士丹利。

Mine is perhaps on competitive dynamics. I was hoping if you could elaborate a little bit on what you're seeing on the ground, especially on market share dynamics, perhaps demand at the regional level that could perhaps explain why Loma is growing slightly below industry as we enter into 2025. And if there is any particular trend that you think is starting differently into 2025 in terms of competitive dynamics. Thank you.

我的研究方向可能是競爭動態。我希望您能詳細說明您在實地看到的情況，特別是市場份額動態，也許區域層面的需求可以解釋為什麼在進入 2025 年時洛馬的增長速度略低於行業水平。如果您認為在競爭動態方面，2025 年會出現什麼特別的趨勢嗎？謝謝。

(interpreted)

（翻譯）

Hi, Alejandra. Thank you for your question. The truth is that the numbers of market share in the first quarter are according to or following our strategy. In general, we work with a range of market share and within that range we are comfortable. And these changes quarter to quarter could be regarding different reasons. In general, we work with a range of market share and within that range we are comfortable.

你好，亞歷杭德拉。感謝您的提問。事實是，第一季的市場佔有率數字符合或遵循我們的策略。整體而言，我們的市佔率處於一定範圍內，在這個範圍內我們感到滿意。這些季度間的變化可能有不同的原因。整體而言，我們的市佔率處於一定範圍內，在這個範圍內我們感到滿意。

In this first quarter, there was some climate issues that impacted differently in the different regions in Argentina. And the other point is regarding the price strategy. Where -- and especially in the first months of the quarter with volumes that were not so strong, any difference in volumes can imply a difference in market share. can imply a difference in market share.

今年第一季度，阿根廷出現了一些氣候問題，對不同地區的影響也不同。另一點是關於價格策略。尤其是在本季度的頭幾個月，銷量並不是那麼強勁，銷量的任何差異都可能意味著市場份額的差異。可能意味著市場佔有率的差異。

And additionally, with this situation of low inflation, if you have some delay in the adjustment of fund pricing that could also impact temporarily the market share. And going back to the first part of the question, it's not something that we are worried about.

此外，在低通膨的情況下，如果基金定價的調整出現延遲，也會對市佔率產生暫時的影響。回到問題的第一部分，這不是我們擔心的事情。

Thank you very much. That was very clear.

非常感謝。這非常清楚。

Marcelo Furlan, Itau.

馬塞洛‧弗蘭 (Marcelo Furlan)，伊塔烏。

My first question is a follow-up from Alejandra's one. It's related to the top line going forward. I'd like to understand in this competitive scenario how are you guys seeing the pricing power going forward? I could expect no prices that range from $110 to $115 per ton going forward. This is my follow-up.

我的第一個問題是 Alejandra 問題的後續。這與未來的營收狀況有關。我想了解在這種競爭環境下，你們如何看待未來的定價權？我預計未來價格不會在每噸 110 美元至 115 美元之間。這是我的後續行動。

And my question here is related to cement volumes for this year. What range of cement volumes are you guys expecting for this year? As you have seen, this is a strong volume posted by FCP of 28% increase in April. So I'd like to understand what range are you guys expecting for your budget for this year? I could expect maybe a range from 15% to 20% increase on a year-to-year basis. It would be helpful as well. Thank you.

我的問題與今年的水泥產量有關。你們預計今年的水泥產量在多少範圍內？如您所見，FCP 4 月份的交易量增長強勁，達 28%。所以我想了解你們今年的預算預計在什麼範圍內？我預計年增長率大概在 15% 到 20% 之間。這也會有幫助的。謝謝。

(interpreted)

（翻譯）

Hi, Marcelo. Thank you for the question. Yes, the pricing for this first Q is around $115. It's a price that is sustainable. And if Argentine costs keep going up, it could also go up as well. We also believe that in this re-shifting of the Argentine economy, there are some costs that may need further adjustments, some going up and maybe some others go down, and this could also impact in our total internal costs.

你好，馬塞洛。謝謝你的提問。是的，第一款 Q 的定價約為 115 美元。這是一個可持續的價格。如果阿根廷的成本持續上漲，其價格也可能會上漲。我們也認為，在阿根廷經濟的重新轉型過程中，有些成本可能需要進一步調整，有些成本可能會上升，有些成本可能會下降，這也可能影響我們的總內部成本。

And as our pricing strategy is tied on what happened with our internal costs, these variations could also have some impact on pricing. And that's more or less what happened this year with pricing moving with a better dynamic than our internal costs.

由於我們的定價策略與內部成本息息相關，這些變化也可能對定價產生一定影響。這就是今年的情況，價格變動比我們的內部成本變動更為活躍。

In volumes, we believe that there is one scenario until the first half of March, where especially February and the first half of March was very affected by weather. And after that, we saw a recovery moving along the average volumes of the last part of 2024.

就產量而言，我們認為直到 3 月上半月都會出現一種情況，尤其是 2 月和 3 月上半月受天氣影響很大。此後，我們看到復甦沿著 2024 年下半年的平均交易量進行。

And in April and May, we are seeing some improvement above this also improved volumes of late March. In the last year, the recovery was more concentrated in the second half of the year. So that's why this jump in the year in comparison in April.

在四月和五月，我們看到了一些改善，三月下旬的交易量也有所增加。去年，復甦更加集中在下半年。這就是為什麼與去年同期相比，四月份的銷售量出現了大幅成長。

So that's why it's possible that going forward we might see some lower increases in the year in comparison, but we are optimistic, and we maintain our expectations of growing on two digits in 2025.

因此，我們可能會看到今年的增幅相對較低，但我們持樂觀態度，並維持 2025 年兩位數成長的預期。

Daniel Orojas, Bank of America.

美國銀行的丹尼爾·奧羅哈斯（Daniel Orojas）。

I was hoping to drill down a bit more on volume outlook. If we see all the headlines regarding the RIGI project and how this is going to incentivize construction and therefore cement volumes. I was curious if you're starting to see orders and you can comment on your backlog regarding potential cement demand going forward from this project.

我希望能夠更深入地了解成交量前景。如果我們看到有關 RIGI 項目的所有頭條新聞，以及這將如何激勵建設，從而增加水泥產量。我很好奇您是否開始看到訂單，並且您可以評論一下有關該項目未來潛在的水泥需求的積壓情況。

And on the flip side, also discuss a bit more on mortgages and how this is also or might be pushing demand in the housing sector. I'm just trying to get a sense if we could split demand by sector to see where we can see opportunities or weakness. Thank you.

另一方面，還要進一步討論抵押貸款以及它如何或可能如何推動住房行業的需求。我只是想了解我們是否可以按部門劃分需求，看看哪裡有機會或弱點。謝謝。

(interpreted)

（翻譯）

Hi, Daniel. Thank you for the question. The reality is that the forecasts are positive, and we are optimistic about them (technical difficulty) per se are going to wait on the total volumes. There is no work that could represent a significant amount of volume, not for us and not for the industry.

你好，丹尼爾。謝謝你的提問。事實是，預測是正面的，我們對它們（技術難度）本身持樂觀態度，將等待總量。沒有任何工作能夠代表大量的工作量，對我們來說如此，對整個產業來說也是如此。

What we are seeing, especially in the concrete cement, is a lot of tenders that are moving forward and for works expecting to start in the second semester. Some of those are linked with eolic energy projects and some of those are linked with public works. And we also have some projects linked to mining that are almost ready to start and waiting for the last stretch in order to start.

我們看到，特別是在混凝土水泥領域，許多招標正在推進，預計第二學期將開始施工。其中一些與風能項目有關，一些與公共工程有關。我們還有一些與採礦相關的項目幾乎已準備好啟動，正在等待最後階段的啟動。

Many of these projects are starting to prepare, maybe open the roads and receiving quotes so they are ready to start in the second semester. What is still lagging is the part of bulk cement and concrete which should start in the upcoming months.

許多專案已經開始準備，可能已經開工並收到報價，以便準備在第二學期啟動。目前仍滯後的是散裝水泥和混凝土部分，預計在未來幾個月內開始生產。

Thank you and if I may follow up, if I remember correctly and please correct me if I'm wrong, you were planning a turbine program for L' Amalí, is this still the case, is this already in the works?

謝謝，如果我可以跟進的話，如果我沒有記錯的話，請糾正我，您正在為 L'Amalà 計劃一個渦輪機項目，現在還是這樣嗎，這已經在進行中了嗎？

(interpreted) As for now we don't have any updates on that. We do have the test of the winds in L' Amalí and there are some other parks within the area. A step in that direction but not through making a park was signing contracts of renewable energy. That allowed us to increment our usage of renewable energy, not only improving our cost structure but also going in the direction of our strategy in terms of sustainability. And the price of that contract is similar to the price that we will get making our own park.

（翻譯）目前我們還沒有關於此事的任何最新消息。我們確實對 L' Amalá 的風進行了測試，並且該地區還有一些其他公園。朝著這個方向邁出的一步（但不是透過建造公園）是簽署再生能源合約。這使我們能夠增加再生能源的使用，不僅改善了我們的成本結構，而且朝著永續發展策略的方向發展。合約的價格與我們建造自己的公園的價格相似。

Thank you and this concludes our question-and-answer session. I would like to turn the conference back over to Diego Jalón for any closing remarks.

謝謝，我們的問答環節到此結束。我想將會議交還給 Diego Jalón，請他做最後發言。

Mr. Jalón do you have any closing remarks?

賈隆先生，您還有什麼結束語嗎？

Thank you very much for attending the call today. As always, we are here to -- if you have any other questions or concerns, we are here to attend them and we are looking forward to meet again in our next call. Thank you.

非常感謝您今天參加電話會議。像往常一樣，如果您有任何其他問題或疑慮，我們都會在這裡為您解答，我們期待在下次通話中再次見面。謝謝。

Thank you. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。

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.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。