Loma Negra Compania Industrial Argentina SA (LOMA) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Loma Negra second quarter 2025 conference call and webcast. (Operator Instructions) Also, Mr. Sergio Faifman will be responding in Spanish immediately following an English translation. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎參加 Loma Negra 2025 年第二季電話會議和網路廣播。（操作員指示）此外，Sergio Faifman 先生將在英語翻譯後立即以西班牙語回應。（操作員指示）請注意，此事件正在被記錄。

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

現在，我想將會議交給投資者關係主管 Diego Jalon 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. 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. Before we proceed, I would like to make the following safe harbor statements.

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，這兩份文件都是在昨天收盤後發布的。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 和我們的財務長 Marcos Gradin。他們兩人都將出席問答環節。在我們繼續之前，我想做以下安全港聲明。

Today's call will contain forward-looking statements and I refer you to the forward-looking statements section of our earnings release and recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances. 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.

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的前瞻性陳述部分。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。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 discussion, the highlights of the quarter. Then Marcos will take you to 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. As the Argentine economy continue to recover, as reflected in the last GDP figures from INDEC from the first quarter, cement dispatches in the industry are accompanying this trend, supporting the growth seen in the first three months of the year and maintaining a positive trajectory. That said, there is still the long way to go and we are currently navigating the initial phase of recovery.

從投影片 2 開始。隨著阿根廷經濟持續復甦，正如阿根廷國家統計局第一季公佈的最新GDP數據所反映的那樣，該行業的水泥發貨量也順應了這一趨勢，支撐了今年前三個月的增長並保持了積極的軌跡。儘管如此，我們還有很長的路要走，目前我們正處於復甦的初始階段。

However, in terms of results and within still early stage of recovery for the sector, margin for the quarter stood at 21.2% on consolidated basis, showing a year-over-year decline. This was mainly driven by the impact of a more challenging competitive environment, typical of the recovery that is not yet fully consolidated.

但從業績來看，該產業仍處於復甦的早期階段，本季合併利潤率為 21.2%，年減。這主要是受到更具挑戰性的競爭環境的影響，這是尚未完全鞏固的復甦的典型特徵。

An 11% increase in volumes during the quarter helped offset the more difficult pricing dynamic that affected the top line. We are transiting into a lower inflation scenario where price assessments are more special out and more limited under current market conditions. We achieved an adjustment EBITDA of $34 million, down 31% in real terms when mentioned in pesos. EBITDA margin contracted primarily due to a softer top line through a strict cost control helping mitigate the impact.

本季銷售成長 11%，有助於抵銷影響營業收入的更困難的定價動態。我們正在進入一個低通膨情景，在當前市場條件下，價格評估更加特殊且更加有限。我們實現了 3,400 萬美元的調整後 EBITDA，以比索計算實際下降了 31%。EBITDA 利潤率下降的主要原因是營業收入下降，而嚴格的成本控制有助於減輕影響。

On the financial front, our balance sheet remains solid. During the quarter, net debt increased sequently to $215 million as the first half of the year is typical more capital intensive. Our net debt-to-EBITDA ratio remained at a comfortable level, reaching 1.34 times. Following depth of the second quarter, we totally issued a new corporate bond for $112.9 million. The process will be used to address upcoming debt maturity, extending our debt duration and improving our maturity profile.

在財務方面，我們的資產負債表依然穩健。由於上半年通常資本密集度較高，本季淨債務較上季增加至 2.15 億美元。我們的淨負債與EBITDA比率維持在舒適的水平，達到1.34倍。第二季末，我們總共發行了 1.129 億美元的新公司債。此流程將用於解決即將到期的債務，延長我們的債務期限並改善我們的債務到期狀況。

I will now hand off the call to Marcos Gradin, who will go through for our market review and financial results. Please, Marcos, go ahead.

我現在將電話轉交給馬科斯·格拉丁 (Marcos Gradin)，他將負責我們的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. The results for Argentina economy in the first quarter were very positive with year-over-year growth reaching 5.8%. Current forecast for the full year remain around 5%, sustaining optimism in this recovery process. However, it is important to note that the recovery is not uniform across all sectors.

謝謝你，塞爾吉奧。大家早安。請翻到幻燈片 4。阿根廷經濟第一季表現非常積極，年成長達5.8%。目前對全年的預測仍保持在 5% 左右，對復甦過程保持樂觀。然而，值得注意的是，各行業的復甦並不均衡。

In particular, the ISAC, the construction activity index, continues to signal a positive rebound in our industry. Regarding Cement dispatches during the second quarter, volumes grew by 14% year-over-year with a strong recovery in bulk cement compared to bagged cement. As a result, bagged cement gained 3 percentage points in the overall dispatch mix, reflecting a rebound in this segment. For the first half of the year, cumulative growth reached 13%.

特別是建築活動指數 ISAC 繼續預示著我們行業的積極反彈。就第二季的水泥出貨量而言，散裝水泥的出貨量年增了 14%，與袋裝水泥相比，散裝水泥的出貨量強勁復甦。因此，袋裝水泥在整體調度組合中增加了 3 個百分點，反映出該細分市場的反彈。上半年累計成長13%。

As we've mentioned previously, we are still in the early stages of recovery with a midterm election on the horizon that could introduce some political volatility. Nonetheless, we'll remain optimistic that the consolidation of the current economic model will lead to a more stable environment, enabling sustaining growth over time.

正如我們之前提到的，我們仍處於復甦的早期階段，即將舉行的中期選舉可能會帶來一些政治動盪。儘管如此，我們仍然樂觀地認為，當前經濟模式的鞏固將帶來更穩定的環境，從而實現長期持續成長。

Turning to slide 5 for a review of our top line performance by segment. Second quarter top line declined by 8%, primarily due to a weaker performance in the Cement segment, followed by softer results across the remaining segments. The cement, masonry cement and lime segment posted a 9.9% revenue decline, despite an 11.1% year-over-year increases in volumes, continuing the recovery trend observed in the first quarter.

請翻到投影片 5，回顧我們各部門的營收表現。第二季營業收入下降了 8%，主要原因是水泥部門業績表現較弱，其餘部門業績也較弱。水泥、砌築水泥和石灰部門的收入下降了 9.9%，儘管銷量年增 11.1%，延續了第一季的復甦趨勢。

Bulk cement dispatches began to show stronger momentum driven by industrial and commercial projects as well as larger housing developments. Additionally, certain provision-level public work started to gain traction, although they remain at a very early stage. Bagged cement volumes continued the trend seen in the first quarter, posting single-digit year-over-year growth. However, the positive impact of higher volumes was offset by softer pricing conditions.

在工業和商業項目以及大型住宅開發的推動下，散裝水泥發貨開始呈現更強勁的勢頭。此外，某些供給級公共工程開始獲得關注，儘管它們仍處於非常早期的階段。袋裝水泥銷售延續第一季的趨勢，較去年同期成長個位數。然而，銷售量增加的正面影響被較弱的定價條件所抵銷。

In the context of an early-stage recovery and a new low-inflation environment, the competitive landscape continues to limit pricing dynamics. Concrete revenues declined by 1.1% in the quarter as a 44% increase in volumes was offset by price pressures stemming from a more competitive market. Volume growth was supported by private projects, mainly related to logistic infrastructure and residential development as well as a moderate uptick in public works.

在早期復甦和新的低通膨環境下，競爭格局繼續限制定價動態。本季混凝土收入下降了 1.1%，因為 44% 的銷售成長被市場競爭加劇帶來的價格壓力所抵消。交易量增長受到私人項目的支持，主要涉及物流基礎設施和住宅開發，以及公共工程的適度增長。

On the other hand, the Aggregates segment posted a slight 0.8% revenues increase, a 44% decrease in volumes driven mainly by higher road construction activity in the provinces of Buenos Aires and Santa Fe offset the impact of softer pricing. Prices were also affected by the sales mix as the road construction projects primarily required fine aggregates, which carry a lower unit price and reduced the overall average.

另一方面，骨材部門的收入略有增長 0.8%，銷量下降 44%，主要原因是布宜諾斯艾利斯和聖達菲省的道路建設活動增加，抵消了價格疲軟的影響。價格也受到銷售組合的影響，因為道路建設項目主要需要細骨料，其單價較低，從而降低了整體平均價格。

Railroad revenues declined by 8.6% in the quarter. A 10.6% increase in transported volumes helped mitigate the effect of weaker pricing with volume growth primarily driven by higher transport of construction materials. However, the disruption of the railway line in Bahía Blanca in March, particularly affected longer-haul traffic, mainly grains, gypsum, and frac sand, reducing ton-kilometers transported, and consequently, revenue generation.

本季鐵路收入下降了 8.6%。運輸量成長 10.6% 有助於緩解價格走弱的影響，運輸量的成長主要得益於建築材料運輸量的增加。然而，3 月巴哈亞布蘭卡鐵路線中斷，尤其影響了長途運輸，主要是穀物、石膏和壓裂砂，導致運輸噸公里數減少，從而影響了收入。

Moving on to slide 7. Consolidated gross profit declined 30.5%, while gross margin contracted by 659 basis points year-over-year, reaching 20.4%. In the Cement segment, cost of sales decreased by 0.8% year-over-year despite the increase sales volumes, effective cost management and lower depreciation impact help offset the weaker pricing environment.

轉到投影片 7。綜合毛利下降30.5%，毛利率年減659個基點，至20.4%。在水泥領域，儘管銷售量增加，但銷售成本比去年同期下降了 0.8%，有效的成本管理和較低的折舊影響有助於抵消較弱的定價環境。

Additionally, lower maintenance costs and improved energy input prices contributed positively to the quarterly cost structure. Continued the trend from previous quarter, the company continues to benefit from thermal energy contracts with year-over-year tariff reductions, including short-term agreements linked to our production.

此外，較低的維護成本和改善的能源投入價格對季度成本結構產生了積極影響。延續上一季的趨勢，公司繼續受益於熱能合同，電價同比下降，其中包括與我們的生產相關的短期協議。

Margins also declined across the remaining business segments with the exception of railroad, which experienced margin expansion. Finally, SG&A expenses increased by 5.3%, mainly driven by higher salaries and insurance costs, partially offset by lower marketing expenses. As a percentage of sales, SG&A reached 10.7%, representing a year-over-year increase of 135 basis points.

除鐵路業務利潤率擴大外，其餘業務部門的利潤率均有所下降。最後，銷售、一般及行政費用增加了 5.3%，主要原因是薪資和保險費用增加，但行銷費用減少部分抵銷了這一成長。銷售、一般及行政費用佔銷售額的百分比達 10.7%，較去年同期成長 135 個基點。

Please turn to slide 8. Consolidated adjusted EBITDA for the quarter stood at $34 million, while in pesos, it reached ARS37 billion, reflecting a 30.6% year-over-year decline. This decrease was primarily driven by lower EBITDA generation in the Cement segment. In line with this, the consolidated EBITDA margin contracted to 21.2%, representing a 691 basis points decline year-over-year.

請翻到第 8 張投影片。本季合併調整後 EBITDA 為 3,400 萬美元，以比索計算則達 370 億阿根廷比索，年減 30.6%。這一下降主要是由於水泥部門的 EBITDA 產生減少所致。與此相符的是，合併 EBITDA 利潤率收縮至 21.2%，較去年同期下降 691 個基點。

In the Cement segment, the adjusted EBITDA margin contracted to 24.8%, down 678 basis points, mainly due to a softer pricing environment. Cost declined by 10.7% on a per-ton basis, supported by lower energy input prices and maintenance costs. These efficiencies together with higher sales volume partially offset the weaker top line.

在水泥部門，調整後的 EBITDA 利潤率收縮至 24.8%，下降 678 個基點，主要原因是定價環境疲軟。由於能源投入價格和維護成本下降，每噸成本下降了 10.7%。這些效率加上較高的銷售量部分抵銷了較弱的營業收入。

The Concrete segment saw its adjusted EBITDA margin declined by 773 basis points, reaching minus 13%, compared to minus 5.3% in the second quarter of 2024. Although higher volumes and cost efficiencies contributed positively, they were not sufficient to fully offset the negative pricing impact. In the Aggregates segment, adjusted EBITDA margin fell to minus 27.3% compared to minus 10.8% in the same quarter last year.

混凝土部門的調整後 EBITDA 利潤率下降了 773 個基點，達到負 13%，而 2024 年第二季為負 5.3%。儘管更高的產量和成本效率產生了積極影響，但不足以完全抵消負面定價影響。在骨材部門，調整後的 EBITDA 利潤率從去年同期的負 10.8% 降至負 27.3%。

While volumes continue to recover, a still challenging competitive environment and a favorable product mix weighted on the segment's profitability. On the other hand, the Railroad segment reported an adjusted EBITDA margin expansion, increased by 351 basis points to 9.8%, up from 6.3% in the same period of 2024. Volume growth driven by increased shipments of construction materials and cost control supported the performance.

儘管銷量持續回升，但依然充滿挑戰的競爭環境和有利的產品組合對該部門的獲利能力產生了影響。另一方面，鐵路部門報告調整後的 EBITDA 利潤率擴大，從 2024 年同期的 6.3% 增加 351 個基點至 9.8%。建築材料出貨量增加和成本控制推動銷售成長，支撐了業績。

However, the disruption of the railway line in Bahía Blanca continues to affect volumes, particularly in longer-haul traffic such as grains, gypsum and frac sand. Moving on to the bottom line on slide 10. Net profit attributable to owners of the company totaled ARS0.4 billion for the quarter compared to a net gain of ARS41 billion in the second quarter 2024.

然而，巴哈亞布蘭卡鐵路線的中斷繼續影響貨運量，特別是穀物、石膏和壓裂砂等長途運輸。繼續看投影片 10 的底線。本季歸屬於公司所有者的淨利潤總計 4 億阿根廷比索，而 2024 年第二季的淨利潤為 410 億阿根廷比索。

This decline was primarily driven by a decline in the financial results, combined with weaker operational performance. On the financial front, the main driver of the year-over-year ratio was a reduced gain from the net monetary position as inflationary effect of monetary liabilities moderated significantly compared to the same period of last year. In addition, exchange rate difference had a higher impact due to the valuation that followed the easing capital controls.

這一下降主要是由於財務業績下滑以及營運業績疲軟所致。財務方面，年比比率下降的主要原因是貨幣負債的通膨效應與去年同期相比明顯減弱，導致淨貨幣部位收益減少。此外，由於資本管制放鬆後出現的估價問題，匯率差異的影響也更大。

As a result, the company reported a net financial loss of ARS16.7 million for the quarter, compared to a gain of ARS33.5 billion in the same period of 2024. Additionally, net financial expenses declined by 50%, reaching ARS9.8 billion, primarily due to lower interest rates. Moving on to the balance sheet. As you can see on slide 11. We ended the quarter with net debt of ARS256 billion and a debt-to-EBITDA ratio of 1.34 times, up from 0.89 times at the end of the quarter, as the first half of the year is typically more capital intensive.

結果，該公司報告本季淨財務虧損 1,670 萬阿根廷比索，而 2024 年同期則獲利 335 億阿根廷比索。此外，淨財務支出下降了 50%，達到 98 億阿根廷比索，這主要由於利率下降。繼續討論資產負債表。正如您在幻燈片 11 上所看到的。本季末，我們的淨債務為 2560 億阿根廷比索，債務與 EBITDA 比率為 1.34 倍，高於季度末的 0.89 倍，因為上半年通常資本密集度更高。

Cash flow used in operation activities totaled ARS22.3 billion compared to the ARS22.3 billion generated in second quarter of 2024. This performance was primarily driven by a lower operational result and higher income tax paid. The income tax paid during the quarter stood at ARS45.5 billion, mainly correspond to the amount determined for the fiscal year 2024.

經營活動所用現金流總計 223 億阿根廷比索，而 2024 年第二季為 223 億阿根廷比索。這一業績表現主要是由於營業利潤下降和所得稅繳納增加所致。本季繳納的所得稅為 455 億阿根廷比索，基本上與 2024 財年確定的金額一致。

Since the company reported a negative result in 2023, no advanced payments were made for 2024 until the final tax was assessed and became due in May 2025. Additionally, the company has already started making advanced payment for fiscal year 2025. This effect was partially offset by lower working capital needs in other areas where the beginning of the winter season, we began to minimize clinker production and increase the use of inventories.

由於該公司 2023 年報告的業績為負數，因此在 2025 年 5 月最終稅款評估並到期之前，沒有為 2024 年支付任何預付款。此外，該公司已經開始支付2025財年的預付款。這種影響被其他地區較低的營運資金需求部分抵消，因為在冬季開始時，我們開始盡量減少熟料生產並增加庫存的使用。

Additionally, we invested ARS18 billion in capital expenditure this quarter, primarily allocated to the 25-kilogram bagging project. During the company, the company generated ARS45.6 billion from financial activities finally from new borrowing, net of loan repayments and interest payments. In US dollar terms, net debt stood at $215 million with valuation of less than one year.

此外，本季我們投資了 180 億阿根廷比索的資本支出，主要用於 25 公斤裝袋計畫。在公司經營期間，公司透過金​​融活動最終從新借款（扣除貸款償還和利息支付）產生了456億阿根廷比索的收入。以美元計算，淨債務為 2.15 億美元，估值不到一年。

By the end of the quarter, dollar-denominated debt represented 71% of our total debt with the remainder in pesos. After the close of the quarter, the company successfully issued its Class 5 corporate bond for $113 million with a two-year tenor and an interest rate of 8%. The new bond was partially subscribed through exchanges with holders of Class 2 and Class 3 bonds. Proceeds will be primarily used to repay the remaining balance of the Class 2 bond maturity in December as well as other short-term debt. With this issuance, the company extended the average duration of its debt and continues to maintain a well-balanced maturity profile.

截至本季末，以美元計價的債務占我們總債務的 71%，其餘為比索債務。本季結束後，該公司成功發行了 5 類公司債券，金額為 1.13 億美元，期限為兩年，利率為 8%。新債券部分透過與2級和3級債券持有人交換的方式認購。所得款項將主要用於償還12月到期的2類債券的剩餘餘額以及其他短期債務。透過此次發行，該公司延長了債務的平均期限，並繼續保持均衡的到期狀況。

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

現在，作為我們的最後發言，我將把電話交還給塞爾吉奧。謝謝。

Thank you, Marcos. Now, to finalize the presentation, I please ask you to turn to slide 13. The recovery trend observed in the first quarter has continued, though we are still in the early phase of the process and market conditions remain challenging. The 5.8% GDP expansion in the first quarter is a very positive signal for what lies ahead.

謝謝你，馬科斯。現在，為了結束簡報，請您翻到第 13 張投影片。第一季的復甦趨勢仍在持續，儘管我們仍處於復甦的早期階段，市場狀況仍然充滿挑戰。第一季 GDP 成長 5.8% 對未來而言是一個非常正面的訊號。

Bases on that, and on the evolution of cement dispatch during the first half of the year. We are seeing our expectation of achieved double-digit growth in 2025. While demand remain in early stage of recovery, the industry is well positioned for the future expansion. In this context, we continue to preside operational efficiency and remain focused on delivering solid results.

基於此，並根據上半年水泥調度的變化。我們預計 2025 年將達到兩位數成長。儘管需求仍處於復甦初期，但該行業已為未來的擴張做好了準備。在此背景下，我們將持續提高營運效率，並致力於取得實際的成果。

Despite the ongoing challenging, I want to highlight Loma a strong commitment to innovation and the continued development of our industry as well as the healthy uncertainty of everyone involved in construction activity. A clear example of this is the transition to 25 kilos cement bags, a project that requires significant effort and investment and one, we are proved to have successfully implemented. While the current environment remain demanding, we are encouraged by road ahead and remain confident in Loma ability ride.

儘管面臨持續的挑戰，我仍想強調洛馬對創新和產業持續發展的堅定承諾，以及參與建築活動的每個人的健康不確定性。一個明顯的例子就是向 25 公斤水泥袋的轉變，這個計畫需要付出巨大的努力和投資，事實證明我們已經成功實施了。儘管當前的環境依然嚴峻，但我們對未來的道路充滿信心，對洛馬的騎乘能力充滿信心。

This is end of our prepared remarks. We are now ready to take questions. Operator, please open the call for questions.

我們的準備好的演講到此結束。我們現在準備好回答問題。接線員，請打開電話詢問。

(Operator Instructions) Mario Simplicio, Morgan Stanley.

（操作員指示）摩根士丹利的馬裡奧·辛普利西奧。

My question is regarding pricing. I just want to know if you could provide more color if the weaker-than-expected pricing in second Q could be explained by the timing of the price increase or like maybe they were closer to the end of the quarter?

我的問題是關於定價的。我只是想知道您是否可以提供更多信息，說明第二季度低於預期的定價是否可以用價格上漲的時間來解釋，或者可能是在接近季度末的時候？

Or are you guys seeing more structural trends that could make pricing more challenging in the near term? And second, if you could -- if possible, could you please also share how are these competitive and pricing trends behaving heading to third quarter and the second half of the year.

或者你們是否看到了更多結構性趨勢，這些趨勢可能會在短期內使定價更具挑戰性？其次，如果可能的話，您能否分享一下這些競爭和定價趨勢在第三季和下半年的表現如何？

Hello, Mr. Diego Jalon, your line may be muted.

您好，Diego Jalon 先生，您的線路可能被靜音了。

(interpreted) Mario, thank you for your question. Regarding pricing, it has more to be with the competitive environment of the last five months. Particularly, once the set off, the restrictions on certain contracts were lifted that had an impact on the FX, one year ago and so was this last month with the hike on the FX as well. I also say that in the last two months, the competitive environment is better than the previous month.

（翻譯）馬裡奧，謝謝你的提問。至於定價，這更與過去五個月的競爭環境有關。特別是，一旦出發，某些合約的限制就會被取消，這對外匯產生了影響，一年前也是如此，上個月外匯也上漲了。我還說，最近兩個月的競爭環境比上個月好。

We are foreseen to end the year with an increase in pricing above inflation. And so on, a recovery in pricing on the remaining of the year. Regarding the competitive environment, it's stable. We are not seeing major valuations for the month to come.

我們預計今年年底的價格漲幅將高於通膨率。依此類推，今年剩餘時間內價格將會回升。就競爭環境而言，它是穩定的。我們不認為未來一個月會出現重大估值。

Sofia Vatta, Latin Securities.

索菲亞·瓦塔，拉丁證券。

Regarding the sector, what is your outlook for the construction in the second half of the year, and which are the potential drivers?

關於該產業，您對下半年的建設前景有何展望？潛在的驅動因素有哪些？

(interpreted) Sofia, thank you for your question. The contraction that we have in this past few months is similar to the one that we have previously. We are seeing a slow recovery, but a recovery in this last couple of months. And regarding drivers looking forward, there are many of those that should be -- that should have a positive impact.

（翻譯）索菲亞，謝謝你的提問。過去幾個月我們經歷的收縮與之前類似。我們看到復甦正在緩慢進行，但最近幾個月已經復甦。至於未來的驅動因素，其中有許多應該會產生正面的影響。

Nonetheless, obviously, those drivers, in order to have a significant impact on dispatches, is going to take some time. We keep our forecast for the year, but considering that we should have a gradual moderate growth for the remainder of the year. In the last couple of months, we are starting also to see some increase in the level of activity of public works in the provinces of Buenos Aires and Santa Fe.

儘管如此，顯然，這些司機要想對調度產生重大影響，還需要一些時間。我們維持今年的預測，但考慮到今年剩餘時間我們應該會有一個逐步適度的成長。在過去的幾個月裡，我們也開始看到布宜諾斯艾利斯省和聖塔菲省的公共工程活動水準有所提高。

And we believe that this activity in public works should have a positive dynamic in the upcoming months. And also, there are projects linked to private investments in infrastructure that should start in the remaining of the year.

我們相信，這項公共工程活動在未來幾個月內將會產生積極的推動作用。此外，還有一些與私人基礎設施投資相關的項目預計將在今年剩餘時間內啟動。

Marcelo Furlan, Itau.

馬塞洛‧弗蘭 (Marcelo Furlan)，伊塔烏。

The first one, just a follow-up regarding volumes you guys mentioned that you still expect volumes to increase by double digit in 2025. So just like to give more color on that if you guys are expecting more close to low-double-digits or could expect mid-teens of cement volumes growth for the year. And my second question is related to the cost efficiency that you guys expect to post ahead.

第一個問題，關於交易量，你們提到仍然預期 2025 年交易量將達到兩位數成長。因此，如果你們預計今年水泥產量將成長接近兩位數或十幾個百分點，那麼我想對此進行更多的說明。我的第二個問題與你們預期提前發布的成本效益有關。

So I just would like to understand what is the company perspectives in terms of cost efficiencies for the second half of this year? And also, what could we expect in terms of margins? And if I may, just one more final question here is regarding dividends. I just would like to understand what is the management's view regarding potential dividends for this year. So these are my points.

所以我只是想知道公司對今年下半年成本效率的看法是什麼？此外，我們對利潤的預期如何？如果可以的話，我只想問最後一個問題，是關於股息的。我只是想了解管理階層對今年潛在股利的看法。這就是我的觀點。

Sorry, Marcelo, the audio is very bad. I don't know if you're -- if you can repeat the question. I know if you -- if the first one was regarding volumes.

抱歉，馬塞洛，音頻很差。我不知道您是否可以重複這個問題。我知道你是否——如果第一個問題是關於卷的。

Sure. Can you hear me better now?

當然。現在你能聽清楚我的話了嗎？

Yes, that's better.

是的，這樣更好。

Okay. So my question for volumes is if you're guys expecting volumes more close to low double digit increase for this year? Or could you expect volume maybe increase by mid-teens for 2025? So this is my first question. My second is related to the margins, what could expect for margins in the second half of 2025. And finally, if I may, one further question is regarding dividends, I'd like to understand the company's view for dividends this year.

好的。所以我對銷售的問題是，你們是否預計今年的銷售量將接近兩位數的低成長？或者您是否預計 2025 年的銷售量可能會增加 15% 左右？這是我的第一個問題。我的第二個問題與利潤率有關，對 2025 年下半年的利潤率有何預期。最後，如果可以的話，還有一個問題是關於股息的，我想了解公司對今年股息的看法。

(interpreted) Marcelo, thank you for your question. As I mentioned before, and regarding our expectations for the year, we are keeping this double digit forecast for the year. Specifically for the performance of July, which was below the year-on-year in comparison, we have to remember that July of last year was the one of the peaks of the year so that there was a very challenging base of comparison.

（翻譯）馬塞洛，感謝您的提問。正如我之前提到的，關於我們對今年的預期，我們保持今年兩位數的預測。具體來說，7月的表現低於去年同期，我們必須記住，去年7月是一年中的高峰之一，因此比較基礎非常具有挑戰性。

With the volumes for the second half of last year, we are not seeing that situation to happen again. Regarding margins and along as what I mentioned about our pricing, we are expecting a recovery in the upcoming months. Probably in next quarter, even though we're going to have some impact of the cost of winter, we're expecting some recovery and then continuing this tendency of recovery for the fourth quarter. The last question was about dividends?

從去年下半年的交易量來看，我們認為這種情況不會再發生。關於利潤率以及我提到的定價，我們預計未來幾個月將會復甦。可能在下個季度，儘管我們會受到冬季成本的一些影響，但我們預計會出現一些復甦，然後在第四季度延續這種復甦趨勢。最後一個問題是關於股息的？

Yes.

是的。

(interpreted) We are still analyzing every alternative on the financial front for our shareholders, analyzing the structure of capital of the company, but we don't have any provision for paying dividends so far this year.

（翻譯）我們仍在為股東分析財務方面的各種替代方案，分析公司的資本結構，但今年到目前為止我們還沒有任何支付股息的準備金。

Andres Cardona, Citigroup.

花旗集團的安德烈斯‧卡多納 (Andres Cardona)。

I was wondering if part of the pressure on margin may have come from the readjustment in energy prices.

我想知道利潤壓力是否部分來自能源價格的調整。

Andres, sorry, you are asking for energy prices. We are not having the best audio.

安德烈斯，對不起，你問的是能源價格。我們的音頻品質不是很好。

Yes. Sorry. No, I'm asking if the pressure of margins, may be partially explained by the increase in electricity prices that we have seen in the year-to-date, but just a matter of the pricing strategy.

是的。對不起。不，我問的是利潤壓力是否可以部分歸因於我們今年迄今為止看到的電價上漲，但只是定價策略的問題。

(interpreted) Andres, thank you for the question. Yes, as I mentioned before, in this past few months, we have a competitive dynamic, which was more challenging. And if we see what happened in the last two months and our forecast for the remainder of the year, we have a more positive expectation. And when you see our -- the numbers that we published that are adjusted by inflation, you also have to compare them given the increases on pricing in the first semester of last year. If you adjust those numbers by inflation, those numbers are not very accurate.

（譯）安德烈斯，謝謝你的提問。是的，正如我之前提到的，在過去的幾個月裡，我們的競爭更加激烈，更具挑戰性。如果我們看看過去兩個月發生的情況以及今年剩餘時間的預測，我們將會有更積極的預期。當您看到我們發布的根據通貨膨脹調整後的數字時，您還必須將它們與去年第一學期的價格上漲進行比較。如果根據通貨膨脹調整這些數字，這些數字就不是很準確。

Clearly, in the upcoming months, there's going to be a recovery in terms of pricing that when you see the comparison, against adjusted by inflation figures, sometimes the comparisons, it's difficult to assess. But we are expecting that in a reasonable time, we expect to see again the figures of pricing in US dollar terms and cost and margins that we previously saw.

顯然，在接下來的幾個月裡，價格將會出現復甦，當你看到與通膨調整後的數據進行比較時，有時很難評估。但我們預計，在合理的時間內，我們有望再次看到我們之前看到的以美元計算的定價數字以及成本和利潤率。

Daniel Rojas, Bank of America.

美國銀行的丹尼爾‧羅哈斯 (Daniel Rojas)。

Can you hear me?

你聽得到我嗎？

Yes, Daniel, we can hear you.

是的，丹尼爾，我們聽得到你的聲音。

So I wanted to go back to the pricing question, and sorry for -- maybe it's the third time you've answered this, but I just wanted to get it very, very clearly. So as the industry moves from this high inflation environment and the competitive environment you discussed becomes more challenging I just wanted to get a better sense of your commercial strategy.

所以我想回到定價問題，抱歉——也許這是你第三次回答這個問題，但我只是想非常非常清楚地了解它。因此，隨著行業擺脫高通膨環境，並且您所討論的競爭環境變得更具挑戰性，我只是想更了解您的商業策略。

I'm guessing that you -- previously, you had to increase prices at a very high pace to keep up with inflation. And now maybe that changes and structurally, the whole industry has to rethink their approach to pricing increments. And maybe that explains the pricing situation? Or is it more of competitive dynamic where the competition is not increasing prices and you have -- you're not able to increase as much.

我猜你——以前你必須以非常快的速度提高價格才能跟上通貨膨脹。現在這種情況可能會發生變化，從結構上講，整個行業必須重新考慮其定價增量方法。這也許可以解釋定價情況？或者這更多的是一種競爭動態，競爭對手沒有提高價格，而你卻無法提高那麼多。

I just wanted to drill down on those dynamics, so we can get a better sense of how in the second half, you're going to be able to catch up. I'm sorry for asking this so much.

我只是想深入研究這些動態，以便我們能夠更好地了解在下半年你將如何趕上。很抱歉問了這麼多問題。

(interpreted) Daniel, thank you for the question. I would say that there is -- this is a combination of these two situations. On one hand, the sudden decrease on inflation, it changes the strategy in pricing, not only by the amount of this increases on prices that you can have, but also in the timing of the adjustments. And also, at the same time, once these adjustments are more spaced out, the competition might not take this price adjustment with the same timing that before.

（翻譯）丹尼爾，謝謝你的提問。我想說的是──這是這兩種情況的結合。一方面，通貨膨脹的突然下降會改變定價策略，不僅改變價格上漲的幅度，還會改變調整的時間。同時，一旦這些調整間隔開來，競爭對手可能不會像以前那樣在相同的時間進行價格調整。

And that was a little difference and can impact the competitive environment. In a scenario of high inflation, this dynamic was very fast, and these valuations did impact that much in our clients or clients of our competitors. And in these first months of this transition from a high-inflation scenario to a low-inflation scenario.

這只是一個小小的差異，但可能會影響競爭環境。在高通膨的情況下，這種動態非常快，這些估值確實對我們的客戶或競爭對手的客戶產生了很大的影響。在從高通膨情勢轉變為低通膨情勢的最初幾個月。

These new dynamics affected a little bit our -- the competitive environment. Once the scenario is more stable, that what we commented before of this last two months of a different dynamic, and we expect that to continue in the coming months. And that's what we are expecting for the remainder of the year.

這些新動態對我們的競爭環境產生了一些影響。一旦情況更加穩定，我們先前評論的過去兩個月就會出現不同的動態，我們預計這種情況將在未來幾個月繼續下去。這就是我們對今年剩餘時間的預期。

Thank you for the additional color. And if I may have a follow-up. The President announced a privatization program for 10,000 kilometers of roads and other initiatives to try to push for an increment in public works in Argentina. I know it's early, and there are a few details, but I just wanted to get a better sense of how the public work program is recovering. You mentioned a couple of regions in the country that are seeing better prospects and more activity. What's your outlook for the second half and the outlook for these programs, the President is announcing?

感謝您添加的顏色。我是否可以進行後續跟進。總統宣布了10,000公里公路的私有化計畫和其他舉措，試圖推動阿根廷公共工程的增加。我知道現在還為時過早，還有一些細節需要說明，但我只是想更了解公共工程計畫的恢復情況。您提到了國內一些地區的前景更加光明，活動也更加活躍。您對下半年以及總統宣布的這些計劃的前景有何展望？

(interpreted) What we believe, there is a lot of potential in terms of public infrastructure. We have no doubt that this will come. As we do understand that given that these projects need a framework to make the private sector access these projects. This might require some time. We think that probably the impact of this in the second semester is not going to be very high, but we do believe it is a very interesting driver for the -- for next year and so on.

（譯）我們相信，公共基礎設施方面有很大的潛力。我們毫不懷疑這將會實現。我們確實理解，這些計畫需要一個框架來讓私營部門參與這些計畫。這可能需要一些時間。我們認為，這在第二學期的影響可能不會很大，但我們確實相信，這對明年等來說是一個非常有趣的驅動力。

And this concludes our question-and-answer session. I would like to turn the conference back over to Diego Jalon for closing remarks.

我們的問答環節到此結束。我想將會議交還給 Diego Jalon 並請他致閉幕詞。

Thank you once again for joining us today. We sincerely appreciate your continued interest and support. And as always, we look forward to reconnecting with you on our next call. In the meantime, please don't hesitate to reach out with any questions that you may have. Take care, and have a great day.

再次感謝您今天加入我們。我們真誠感謝您的持續關注和支持。像往常一樣，我們期待在下次通話中與您再次聯繫。同時，如果您有任何問題，請隨時與我們聯繫。保重，祝您有美好的一天。

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

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。