Loma Negra Compania Industrial Argentina SA (LOMA) 2025 Q4 法說會逐字稿

Good morning everyone and welcome to the Loma Negra fourth quarter 2025 conference call and webcast. (Operator Instructions) Also, Mr. Sergio Faifman will be responding in Spanish immediately following an English translation. (Operator Instructions)

各位早安，歡迎參加 Loma Negra 2025 年第四季電話會議和網路直播。（操作員說明）另外，塞爾吉奧·費夫曼先生將在英語翻譯之後立即用西班牙語作答。（操作說明）

There's also no 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. Mr. Diego, please go ahead.

今天也沒有錄製任何活動。現在我想把電話會議交給投資者關係主管迭戈·賈隆先生。迭戈先生，請繼續。

Mr President, 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 Faifman, 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.

主席先生，早安，歡迎參加洛馬內格拉的財報電話會議。現在，所有人都應該可以查看我們的獲利新聞稿和今天電話會議的演示文稿，這兩份文件都是昨天收盤後分發的。今天早上與我一起參加電話會議的有：我們的執行長兼董事會副主席塞爾吉奧·法伊夫曼；我們的財務長馬科斯·格拉丁；以及我們的人力資本、永續發展和法律事務總監盧克雷西亞·盧雷羅。Sergio 和 Marcos 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.

在繼續之前，我想先做出以下安全港聲明。今天的電話會議將包含前瞻性陳述，請您參閱我們的獲利報告和最近向美國證券交易委員會提交的文件中的前瞻性陳述部分。

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 to the corresponding financial measures is included in the earnings press release.

我們不承擔因新的或變更的事件或情況而更新或修改任何前瞻性聲明的義務。本次電話會議也將討論非GAAP財務指標。與相應財務指標的完整核對錶已包含在盈利新聞稿中。

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

現在我想把電話交給塞爾吉奧。

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, Marco will thank you for our market review and financial results. Following that, I will share some final remarks before opening the call to your question. Starting with slide 2, we are pleased to present Luma Negra's fourth and final quarter of the year.

謝謝你，迭戈。大家好，感謝各位今天早上收看我們的節目。我想先談談本季的亮點。然後，馬可會感謝我們提供的市場分析和財務績效報告。接下來，在正式回答您的問題之前，我將作一些總結性發言。從第 2 張投影片開始，我們很高興地向大家展示 Luma Negra 今年的第四個也是最後一個季度。

In terms of volume, the four quarterly [lago] mirrored the trend seen in pure quarters with seven dispatch declined 1.2% year over year. Overall, 2025 represents a year of gradual recovery for the Argentine economy and to a lesser extent for the cement industry.

就數量而言，四個季度[lago]反映了純粹季度的趨勢，七個季度的發貨量比去年同期下降了1.2%。整體而言，2025 年是阿根廷經濟逐步復甦的一年，水泥產業復甦的程度稍輕。

While volume shower a year over year improvement, the reform progressed more slowly than they initially anticipate and lost some momentum in the second half of the year. Against this backdrop, net revenue total pesos $225 billion for the quarter, equivalent to USD152 million, reflecting a 1.7% year over year decline versus fourth quarter 2024.

雖然銷量同比有所增長，但改革進展比他們最初預期的要慢，並且在下半年失去了一些動力。在此背景下，本季淨收入總額為 2,250 億披索，相當於 1.52 億美元，與 2024 年第四季相比年減 1.7%。

On a sequential basis, however, performance remained broadly stable. [Singh Fatily] now in the GAAP observer early in the year. In this style challenging demand environment, consolidated chatment at 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 margins in the same period last year were exceptionally strong.

但從環比來看，業績整體保持穩定。 [Singh Fatily]年初被列入GAAP觀察員名單。在這種充滿挑戰的需求環境下，本季合併 EBITDA 利潤達到 3,700 萬美元，利潤率為 19.7%。值得注意的是，由於去年同期利潤率異常強勁，因此比較基數特別高。

Secondly, fourth quarter profitability remaining in line with recent quarters. For the full year 2025, assessment FDA amounts to $146 million with a margin of 21.3%, representing a contraction of 454 basis points compared to 2024. Returning to the balance sheets, net debt declined by $23 million quarter over quarter to $183 million resulting in a net debt TO EBITDA ratio of 1.47 times, reinforcing the company's solid financial position.

其次，第四季獲利能力與前幾季保持一致。FDA 預計 2025 年全年營收為 1.46 億美元，利潤率為 21.3%，比 2024 年下降了 454 個基點。回到資產負債表，淨負債季減 2,300 萬美元至 1.83 億美元，淨負債與 EBITDA 比率為 1.47 倍，鞏固了公司穩健的財務狀況。

I will now turn the call over to Lucrecia, who will present our newly relied sustainability report and its key highlights. Please, Lucrecia, go ahead.

現在我將把電話交給盧克雷西亞，她將介紹我們最新發布的永續發展報告及其主要亮點。盧克雷西亞，請繼續。

Thank you, Sergio. Good morning, everyone. Please turn to slide 3 for a review of our ELC highlights for the year. We take great satisfaction in releasing the FIVE editions of our sustainability report. We details our environmental, social, and governance management, and the actions we carry out to build the company, prepare for the challenges of the future with a focus on ethics, transparency, and long-term sustainable value creation.

謝謝你，塞爾吉奧。各位早安。請翻到第 3 張投影片，回顧我們今年 ELC 的亮點。我們非常高興地發布第五版永續發展報告。我們詳細介紹了我們的環境、社會和治理管理，以及我們為建立公司、應對未來挑戰而採取的行動，重點是道德、透明度和長期永續價值創造。

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 effort. We also advanced our circular economy strategy by valorizing 85% of the waste generated, recovering more. 270,000 tons of waste and byproducts using alternative materials and fuels, including biomass in cement productions.

2025 年，我們在各項環境優先事項上取得了顯著進展，與 2021 年的基準相比，二氧化碳當量排放量減少了 22%，這反映了我們正在進行的脫碳努力。我們也推動了循環經濟戰略，對產生的廢棄物進行了85%的增值利用，並回收了更多資源。利用替代材料和燃料（包括水泥生產中的生物質），我們處理了27萬噸廢棄物和副產品。

In terms of water, 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 BM 10 emissions from semen production declining by 9.3% year over year, underscoring our commitment to responsible low impact operations.

就用水量而言，總取水量減少了 3.5%，與 2024 年相比，用水緊張地區顯著減少了 21%。此外，空氣品質持續改善，精液生產產生的 BM 10 排放量年減 9.3%，凸顯了我們對負責任的低影響營運的承諾。

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 Fundacion Loma Negra, reaching a total of more than 90,000 beneficiaries.

就社會影響力和社區參與而言，2025 年是加強合作和有意義的對外宣傳的一年。我們與 700 個合作夥伴組織共同實施社會項目，同時透過 Loma Negra 基金會的不同項目支持了 172 項舉措，惠及超過 90,000 名受益者。

We reached a historic milestone, the launch of a new 25 kg bag. This initiative safeguards the health and well-being of industry. 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.

我們達到了一個歷史性的里程碑，推出了新款 25 公斤包裝。這項措施旨在保障業界的健康和福祉。五年間，我們在工廠投資了超過 6,500 萬美元。今年對我們公司而言是一個重要的里程碑。洛馬內格拉慶祝成立100週年，感謝其為阿根廷的永續發展和生產力提升所做的貢獻。

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 ambition.

我們始終秉持著指導我們前進的原則。一個世紀以來，我們秉承著透過永續發展改變人們生活的宗旨，在百年傳承的基礎上，我們尊重過去，並以責任和野心繼續建立未來。

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.

我們的第五份永續發展報告體現了這一發展路徑。現在我將把電話交給馬可斯，他將為大家介紹我們的市場回顧和財務表現。請吧，馬科斯，請繼續。

Thank you, Lucrecia. Good morning, everyone. Please turn to slide 5. The latest release of the Argentine's monthly economic activity indicator, showed 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%.

謝謝你，盧克雷西亞。各位早安。請翻到第5張投影片。阿根廷最新公佈的月度經濟活動指標顯示，年增3.5%，扭轉了前幾個月出現的下滑趨勢。因此，2025 年全年經濟成長率達 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. For construction, activity remained broadly flat, showing virtually no change compared to the previous year.

然而，深入分析產業層面的表現，就會發現有顯著差異。農業、採礦業和金融中介業是經濟成長最強勁的貢獻者之一。相較之下，工業和商業領域仍在持續發展建設。建築業活動整體保持平穩，與上年相比幾乎沒有變化。

Within this macro backdrop, the cement industry posted a broadly flat quarter, reversing the decline recorded in the previous period and closing the year with 5.6% growth. After a more encouraging start to the year, growth expectations were affected by the electoral process, and uncertainty surrounding it, together with financial and effect tensions that waited on the recovery momentum.

在這種宏觀背景下，水泥產業本季整體表現平穩，扭轉了上一季的下滑趨勢，最終以 5.6% 的成長結束了這一年。今年年初情況較為樂觀，但隨後選舉進程及其不確定性，以及等待經濟復甦勢頭的金融和經濟緊張局勢，都影響了經濟成長預期。

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

從調度動態來看，大宗貨物運輸業務表現優異，這得益於規模較大的項目，包括住宅開發項目以及物流和基礎設施工程。相較之下，水泥銷量下降，反映出零售需求疲軟。

The individual and small contractor segment remains more 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.

在目前貨幣緊縮和利率波動的環境下，自營商和小承包商市場依然較為低迷。進入 2026 年，我們預計在更靈活的貨幣政策的支持下，那些發展落後的產業將逐步迎頭趕上。鑑於這些行業是就業密集度最高的行業之一，它們的復甦應該有助於整體經濟活動更加活躍。

It will also be important to closely monitor some demand in March and April. 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 dispatch volumes as we move past the summer period.

密切注意三月和四月的部分需求也十分重要。今年年初市場表現相對疲軟，不僅是由於典型的夏季季節性因素，也反映出市場活動水平仍然較為謹慎。展望未來，我們預計近期宣布的投資計劃，包括基礎設施項目、公路走廊以及採礦和能源項目，將在夏季過後逐步開始支持調度測量。

Turning to slide 6 for a review of our top-line performance by segment. Fourth quarter revenues declined 1.7% year by year, continuing the sequential improvement trend and meaningful narrowing the contraction observed early in the year. The performance was mainly explained by the seventh segment, while concrete delivers strong growth.

接下來請看第 6 張投影片，了解我們按業務板塊劃分的整體績效。第四季營收年減 1.7%，延續了環比改善趨勢，並顯著縮小了年初出現的萎縮幅度。業績主要由第七板塊貢獻，其中混凝土板塊實現了強勁增長。

In cement, masonry cement and lime, revenues decreased 4.4% year by 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 GAAP.

水泥、砌築水泥和石灰的營收年減 4.4%，主要反映出與去年同期相比，價格環境較為疲軟。價格連續第二季較上季改善，延長了實際復甦期，並降低了年比GAAP值。

Volumes declined 1.2% year over year. Bulk cement continues to outperform, supported by stronger activity from concrete producers, large scale projects, and public works. In contrast, bulk cement volumes continue to lag as retail demand remains subdued and economic soften and financial volatility.

銷量較去年同期下降1.2%。受混凝土生產商、大型專案和公共工程活動增加的支撐，散​​裝水泥繼續表現優異。相較之下，由於零售需求依然疲軟、經濟疲軟以及金融市場波動，散裝水泥銷售持續低迷。

Since our segment also include masonry cement and lime products that tend to follow dynamics similar to back cement, this (inaudible) weights on our segment performance when compared to industry statistics, which reflects only great cement volumes.

由於我們的業務板塊還包括砌築水泥和石灰產品，這些產品的動態往往與背襯水泥類似，因此，與行業統計數據相比，這（聽不清）會對我們的業務板塊表現造成影響，而行業統計數據僅反映了水泥銷量巨大。

Concrete revenues increased 37% year over year, driven by a 62% expansion in volumes, partially upset by competitive pricing dynamics. Growth was mainly supported by infrastructure works in Santa Fe and private logistic related developments. Aggregate revenues were essentially stable, down 0.9% year over year.

混凝土業務營收年增 37%，主要得益於銷售量成長 62%，但部分受到競爭性定價動態的影響。聖達菲的基礎建設和私人物流相關發展主要支持了經濟成長。總收入基本上保持穩定，較去年同期下降0.9%。

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.

貨運量增加了 8.2%，反映出道路建設和鐵路相關活動的增加。然而，定價和產品組合，特別是細骨材佔比較高且平均價格較低，抵消了銷售量帶來的正面影響。

Railroads revenues declined 8.9% in the quarter. Although transported volumes increased 2.8%, weaker pricing and the continuing disruption of the Bahia Blanca rail line impacted longer haul traffic, particularly grain, gypsum, and frak sand, reducing 10 kilometers and overall revenues.

本季鐵路收入下降了 8.9%。儘管運輸量增加了 2.8%，但價格疲軟和巴伊亞布蘭卡鐵路持續中斷影響了長途運輸，特別是穀物、石膏和壓裂砂，導致運輸里程減少了 10 公里，總收入也減少了。

For a full year 2025, consolidated revenues declined 7.8% to $848 billion from $920 billion in 2024, while seven 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 by year to 23.5%. However, margins show a sequential recovery compared to the previous quarter.

2025 年全年，合併收入從 2024 年的 9,200 億美元下降 7.8% 至 8,480 億美元，而七大產品銷售成長 2.5%。接下來是第 8 張投影片，綜合毛利下降了 29.1%，毛利率年減了 906 個基點，至 23.5%。然而，利潤率較上一季有所較上季回升。

Costs of sales increased by 11.5% year over year, primarily driven by higher grade costs in the salmon segment, along with a greater depreciation impact following the completion of the 25 kg bagging project. Additionally, cost performance in fourth quarter '24 represented a challenging comparison base. Regarding the seven segment, cost of sales increased by 12% year over year.

銷售成本年增 11.5%，主要原因是鮭魚產品等級成本上升，以及 25 公斤裝袋工程完成後折舊影響增大。此外，2024 年第四季的成本表現構成了一個具有挑戰性的比較基數。就第七部分而言，銷售成本較去年同期成長了 12%。

Cargo maintenance expenses and increased utilization of spare parts and supplies, together with a greater impact on packaging costs related to the implementation of the 25 kg program, put upward pressure on our cost. On the other hand, energy inputs continue to support cost management efforts, particularly thermal energy.

貨物維護費用和備件及耗材使用量的增加，以及 25 公斤計畫實施對包裝成本的更大影響，都給我們的成本帶來了上行壓力。另一方面，能源投入持續支持成本管理工作，特別是熱能。

On a sequential basis, unit costs, including depreciation, remain almost flat, increasing only 7.8% quarter over quarter. The contraction in cement was followed by a decline in aggregates, while the concrete and railroad segments posted improvements.

從季度環比來看，包括折舊在內的單位成本基本上保持不變，僅較上季成長 7.8%。水泥市場萎縮之後，骨材市場也出現下滑，而混凝土和鐵路市場則有所改善。

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 the fourth quarter of 2024.

最後，銷售、一般及行政費用增加了 6.3%，主要原因是壞帳準備金增加和 IT 費用增加，部分被運費和行銷成本的降低所抵銷。銷售、一般及行政費用佔銷售額的百分比為 12.9%，比 2024 年第四季上升了 97 個基點。

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 the EBITDA for the quarter stood at $37 million while in pesos it reached $44 billion, reflecting a 33.4% year-over-year decline. This decrease was primarily driven by lower EBITDA generation in the seven segment, while the remaining segments posted improvements.

2025 財年，毛利下降 24.8%，毛利率收縮 493 個基點至 21.8%。請翻到第9頁投影片。經調整後的本季綜合 EBITDA 為 3,700 萬美元，而以比索計價則達到 440 億美元，年減 33.4%。這一下降主要是由於七個業務板塊的 EBITDA 產量下降所致，而其餘業務板塊則有所改善。

Consequently, the consolidated EBITDA margin contracted to 19.7%, representing 938 basis points declined year by 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 weigh on the consolidated margin.

因此，合併 EBITDA 利潤率收縮至 19.7%，較去年同期下降 938 個基點。從環比來看，利潤率基本上保持穩定，季減 114 個基點。此外，其他利潤率較低的業務部門貢獻較高，也會對合併利潤率造成壓力。

In the seventh segment, adjusted the EBITDA margin came in at 22.7% compared to 37.7% in the fourth quarter of 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.

在第七部分，調整後的 EBITDA 利潤率為 22.7%，而 2024 年第四季為 37.7%，這是一個特別強勁的比較基數。年比下降的主要原因是銷售成本上升和價格走勢疲軟。雖然價格較上月有所改善，但仍低於去年同期水準。

Performance was also impacted by higher SG&A expenses, and a lower contribution for other gains and losses during the quarter. In the complete segment, adjusted EBITDA margin improved by 326 basis points, but remaining negative territory, coming in at 2.8%, compared to 6.1% in the fourth quarter of 2024.

業績也受到銷售、一般及行政費用增加以及本季其他損益貢獻減少的影響。整體而言，調整後的 EBITDA 利潤率提高了 326 個基點，但仍處於負值區間，為 2.8%，而 2024 年第四季為 6.1%。

The recovery in sales volumes helped the good at fixed cost. However, software pricing dynamics in a highly competitive environment continue to wait on the segment's performance. Turning to aggregates, adjusted the EBITDA margin improved by 80 basis points year over year to negative 8.1% from negative 8.9% in the same quarter last year.

銷售回升有助於降低商品成本。然而，在競爭激烈的環境中，軟體定價動態仍取決於該細分市場的表現。從整體來看，經調整後的 EBITDA 利潤率年增 80 個基點，從去年同期的 -8.9% 改善至 -8.1%。

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. Finally, in the world 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.

儘管銷售持續成長，但由於競爭激烈的定價環境以及低利潤產品佔比過高導致的不利銷售組合，獲利能力仍然受到限制。最後，在世界業務板塊，經調整的 EBITDA 利潤率年增 233 個基點，2025 年第四季達到 1.9%，而上年同期為負 0.4%。

Volumes posted a modest decrease, mainly driven by higher shipments of granitic aggregates. However, the continued eruption of Bahía Blanca railway line. Constrained longer haul traffic, particular grains, chips, and Aksa. These challenges were partially offset by ongoing cost control.

銷售量略有下降，主要原因是花崗岩骨材出貨量增加。然而，巴伊亞布蘭卡鐵路沿線的火山爆發仍在持續。長途運輸受限，特別是穀物、薯片和阿克薩。持續的成本控制在一定程度上抵消了這些挑戰。

For fiscal year 2025, adjusted the EBITDA total $146 million or $181 million, down 24% with a margin contraction of 154 basis points to 21.3%. Moving to the bottom line on slide 11. Net profit attributable to the owners of the company total 6.2 billion pesos, compared to $29.5 billion in the fourth quarter of 2024.

2025 財年調整後 EBITDA 總額為 1.46 億美元或 1.81 億美元，下降 24%，利潤率收縮 154 個基點至 21.3%。轉到第 11 頁的結論部分。歸屬於公司所有者的淨利潤總額為 62 億比索，而 2024 年第四季為 295 億美元。

The decline was primarily driven by weaker operating performance along with a lower net financial results 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 $9.8 billion for the quarter compared to a net financial gain of $1.1 billion in the same period of 2024.

業績下滑的主因是經營績效疲軟以及淨財務表現下降，反映出通膨影響減弱。較低的所得稅支出部分抵消了這一影響。在財務方面，該公司報告稱，該季度淨虧損 98 億美元，而 2024 年同期淨獲利 11 億美元。

The year-by-year variation was made explained by a lower gain from the net monetary position reflected a more normalized in inflation environment. Additionally, net financial expenses decreased 2.1% to $14.4 billion , primarily driven by higher financial income as a result of stronger over cash during the period.

年比變化可以用淨貨幣部位收益降低來解釋，這反映了通膨環境更加正常化。此外，淨財務支出下降 2.1% 至 144 億美元，主要原因是該期間現金流走強，導致財務收入增加。

For full year 2025, net income attributable to owners of the company totaled $23.6 billion compared to 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 weakened with a weakened operation performance.

2025 年全年，歸屬於公司所有者的淨利潤總額為 236 億美元，而 2024 年為 2,023 億美元。年比下降主要是由於財務表現的負面影響，特別是淨貨幣狀況貢獻減少以及經營業績疲軟所致。

Moving on to the balance sheet, as you can see on slide 12, we entered the quarter with net debt of $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 operating activities total $58 billion compared to $62.8 million in the same period of last year.

接下來來看資產負債表，正如您在第 12 張幻燈片中看到的那樣，我們進入本季度時淨債務為 2660 億美元，淨債務與 EBITDA 的比率為 1.47 倍，高於 2024 年底的 0.89 倍，並保持了較為穩健的到期結構。經營活動產生的現金流量總額為 580 億美元，而去年同期為 6,280 萬美元。

The weaker operator performance was partially offset by a favorable working capital dynamic. Inventories increased at a lower pace than in fourth quarter '24, releasing cash together with lower income tax payments. This more than upsets the additional cash requirements for higher price receivables, and a lower contribution from accounts payable.

營運商業績效疲軟的部分原因被有利的營運資金動態所抵銷。庫存成長速度低於 2024 年第四季度，釋放了現金，同時所得稅支出也減少了。這不僅加劇了高價應收帳款帶來的額外現金需求，也降低了應付帳款的貢獻。

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

在投資活動方面，該公司本季創造了 349 億美元的收入，主要得益於短期投資的清算，這些短期投資的資金來自 V 類債券的發行，隨後用於償還到期的 II 類債券。

CapEx total $17.5 billion , decreasing quarter over quarter following the completion of the 25 kg bagging project. In financial activities, the company used $129 billion during the quarter, mainly related to repayment of borrowings, particularly the December maturity of the Class 2 corporate bonds.

資本支出總額為 175 億美元，隨著 25 公斤包裝項目的完成，季度環比下降。在財務活動中，該公司本季使用了 1,290 億美元，主要用於償還借款，特別是 12 月到期的 2 類公司債。

In US dollar terms, the 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, with the remaining balance in pesos. Subsequent to quarter end in January 2026, the company issued a new Class VI corporate bond for USD60 million with a 33 month tenure.

以美元計，該債務為 1.83 億美元，平均期限為一年。截至季末，總債務的 85% 以美元計價，其餘部分則以比索計價。2026 年 1 月季度末之後，該公司發行了 6,000 萬美元的新 VI 類公司債，期限為 33 個月。

The transaction was multiple times oversubscribed, reflecting the strong investor demand and allowed the company to secure a 6.5% interest rate. This insurance 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.

該交易獲得數倍超額認購，反映出投資者強勁的需求，並使公司獲得 6.5% 的利率。這份保險可以完全涵蓋公司今年到期的美元債務。現在輪到我做最後的總結發言了，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 time to slide 14. Following a solid first half of the year, the recovery lost momentum in the second semester. As political uncertainty following the election period, together with financial and effects tension, affect overall activity level, although the economy is estimated to have expanded by around 4% in 2025.

謝謝你，馬科斯。現在，為了結束本次簡報，請大家耐心看完第 14 張投影片。今年上半年經濟表現穩健，但下半年復甦動能減弱。選舉後的政治不確定性，加上金融和經濟緊張局勢，影響了整體經濟活動水平，儘管預計到 2025 年經濟將成長約 4%。

The rebound in the cement industry was more moderate than anticipated. Within (inaudible) in room still recover 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.

水泥業的復甦比預期更為溫和。房間裡（聽不清楚）仍然從 2024 年的急劇萎縮中恢復過來。在貨幣環境緊縮的背景下，利潤率持續承壓。在充滿挑戰的需求環境下，Loma Negra 非常注重成本控制和營運效率，這對於維持獲利能力至關重要。

We remain confident that the structural growth drivers of the Hindus are intact. However, the normalization process and the full transmission of macroeconomic improvement to the real economy may take longer than previously expected.

我們仍然相信，印度教徒的結構性成長動力依然存在。然而，正常化過程以及宏觀經濟改善全面傳導至實體經濟可能需要比預期更長的時間。

Looking ahead to 2026, we are optimistic the continued 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 quarries, meaning, and energy.

展望 2026 年，我們樂觀地認為，宏觀經濟的持續穩定和貨幣政策約束的逐步放鬆將有助於恢復經濟活動的活力。儘管如此，政府已經宣布了幾項投資計劃，尤其是在基礎設施、道路、採石場、交通和能源領域。

This process have not yet translated into higher volume. We expect their impact to materialize progressively as a [execution] advances throughout the year. Argentina continues to face innovative instructor 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.

這一過程尚未轉化為更高的產量。我們預計隨著[執行]在一年中的推進，其影響將逐步顯現。阿根廷在創新教師方面仍然面臨缺口，必須解決這個問題才能維持長期發展，而洛馬內格拉學院完全有能力在下一階段的發展中發揮核心作用。

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

我們的發言稿到此結束。現在我們可以開始回答問題了。接線員，請開啟提問環節。

(Operator Instructions)

（操作說明）

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

另外，請注意，塞爾吉奧費夫曼先生將在英語翻譯完成後立即用西班牙語回覆。（操作說明）

Alejandra Obregón Martínez, Morgan Stanley.

亞歷杭德拉·奧布雷貢·馬丁內斯，摩根士丹利。

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.

謝謝。你好。各位早安。我的問題與能源方面有關。我想請您談談您今年的能源管理方法，特別是能源結構、燃料合約、避險、轉向再生能源和替代能源等等。

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.

那麼，在未來一年，我們應該關注哪些能源現金成本趨勢，以應對這一特定主題可能出現的進一步波動？謝謝。

Hi, Alejandro. Thank you for your question. (spoken in foreign language) (interpreted) With respect to thermal energy, in the last few years we are utilizing an energy matrix that is primarily natural gas.

你好，亞歷杭德羅。謝謝你的提問。（外語）（翻譯）就熱能而言，近幾年我們主要利用的是天然氣作為能源。

(spoken in foreign language) (interpreted) The cost of natural gas due to the improvements in production, with pacamorta, it's been lowing.

（外語）（翻譯）由於生產改進，天然氣價格隨著 pacamorta 的出現而下降。

(spoken in foreign language) (interpreted) And we commented that last year that we started signing contracts at the lower prices. This year, it's happening the same. (spoken in foreign language) (interpreted) Generally our contracts go from, October to April of the next year.(spoken in foreign language)

（外語）（翻譯）我們評論說，去年我們開始以較低的價格簽訂合約。今年，情況依舊如此。（外語）（翻譯）通常我們的合約期限從十月到隔年四月。 （外語）

(interpreted) And we already closed our contracts starting October of this year, and until April of 2027 with prices even lower from the contract we signed a year ago, (spoken in foreign language) (interpreted) punctually, and a lowering lower --no -- on a lower percentage we already signed contracts for two or three years.

（翻譯）我們已經簽訂了從今年十月開始，一直到 2027 年 4 月的合同，價格甚至比我們一年前簽訂的合同還要低，（外語）（翻譯）準時，而且越來越低——不——百分比更低，我們已經簽訂了兩三年的合同。

(spoken in foreign language) (interpreted) And regarding, electricity we are already having some improvements. We are improving the participation of renewable energy sources.

（外語）（翻譯）至於電力方面，我們已經取得了一些進展。我們正在提高再生能源的參與度。

(technical difficulty)

（技術難題）

(spoken in foreign language) (interpreted) In line with our sustainability guidance, we reached 67% last year and we are above that year. (spoken in foreign language) (interpreted) And last year, we signed another contract of renewable energy that will start this year with very good prices.

（外語）（翻譯）根據我們的永續發展指導方針，我們去年達到了 67%，今年超過了這個數字。（外語）（翻譯）去年，我們簽署了另一份可再生能源合同，該合同將於今年開始實施，價格非常優惠。

Thank you. That was very clear.

謝謝。這一點非常清楚。

Andres Cardona, Citi.

安德烈斯·卡多納，花旗集團。

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

謝謝。各位早安。我有一個關於2026年指導意見的問題。如果您能談談銷量和利潤率，或者更具體地談談前兩者，那就太好了。謝謝。

(technical difficulty) (interpreted) As you know we typically don't finance of the markets ADA.(technical difficulty)

（技術難題）（已翻譯）如您所知，我們通常不會為ADA市場提供融資。 （技術難題）

(interpreted) The volume we can think about that, we do believe that this year we are going to see, it's going to be a year of growth in any recruited all of it we don't learn anything for you of the salo, even though, January and February figures were below in the year over year comparison.

（譯）我們可以考慮這個數量，我們相信今年所有招募都將是成長的一年，儘管1月和2月的數字低於去年同期，但我們對salo沒有任何了解。

(spoken in foreign language) (interpreted) 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.

（外語）（翻譯）我認為這主要是因為今年的活動進度滯後，而且我們在二月份也舉辦了一些慶祝活動，這也影響了二月份的報道。

(spoken in foreign language) (interpreted) But when we see the average daily dispatches are similar to the one we saw last year.

（用外語說）（翻譯）但是當我們看到平均每日發件量與去年同期相似時。

(spoken in foreign language) (interpreted) We think that many projects that are about to start and we are participating in in many tenders they that should start impacting volumes in the -- for the [digito].

（外語）（翻譯）我們認為，許多即將啟動的項目以及我們正在參與的許多招標項目，應該會對——產生影響。[digito]

(spoken in foreign language) (interpreted) And it should be translated into growth of a single-digit but in the in the high range in the cast of an ultimate call.

（用外語說）（翻譯）它應該翻譯成個位數的增長，但在最終呼叫的高範圍內。

(spoken in foreign language) (interpreted) And in terms of margins, as we, also commented in our last call, you were in the process of improving prices.

（外語）（翻譯）至於利潤率，正如我們在上次通話中提到的，你們正在努力提高價格。

(spoken in foreign language) (interpreted) That was translated in the figures of the of the last quarter that we presented and we expect this process to continue in the coming months.

（外語）（翻譯）這在我們公佈的上一季數據中有所體現，我們預計這一過程將在未來幾個月繼續進行。

(spoken in foreign language) (interpreted) And this should have an impact in the recovery of margins for the for the upcoming quarters.

（外語）（翻譯）這將對未來幾季的利潤率恢復產生影響。

Marcelo Furlan, Itau BBA

馬塞洛‧弗蘭，伊塔烏工商管理學士

Yes, hi everyone, good morning. Thanks for taking my questions. There are just two follow-ups. The first regarding the sales volume is expected for 2026. When you look into the AFCP's data, it is showing 6% decline for the first two months on a yearly basis. So I'd like to hear from you guys. What would we expect in terms of sales volumes in Argentina in 2026?

是的，大家好，早安。謝謝您回答我的問題。只有兩個後續問題。第一個關於銷售量的數據預計將在 2026 年公佈。查看 AFCP 的數據可知，前兩個月的年化成長率為 6%。所以我想聽聽你們的意見。我們預計2026年阿根廷的銷售量會是多少？

And my second question is related to prices. You guys posted an increase in in in the price realization in the fourth queue. I just would like to understand what are the company expectations regarding prices, especially in dollar terms moving through 2026. That's pretty much it. Thank you.

我的第二個問題與價格有關。你們在第四個隊列中發布了價格實現率的上升。我只是想了解公司對價格的預期，特別是以美元計價的到 2026 年的價格預期。差不多就是這樣了。謝謝。

Hi Marcello. Thank you for your question.

你好，馬塞洛。謝謝你的提問。

(spoken in foreign language) (interpreted) Well, regarding volumes, as I just mentioned, we are seeing the first two months of the year, 6% below the on the year annual comparison.

（外語）（翻譯）嗯，關於銷量，正如我剛才提到的，今年前兩個月的銷量比去年同期下降了 6%。

(spoken in foreign language) (interpreted) 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, and the start of the year, it's been a little bit delayed.

（外語）（翻譯）如果你查看歷史數據，去年一月的貨運量相當不錯，而我們看到，在假期過後，貨運量仍然滯後，年初的貨運量也略有下降。

(spoken in foreign language) (interpreted) In regarding specifically in February, we have holidays that last year were in March,. So, that impacted the figure for February.

（外語）（翻譯）具體來說，就二月而言，我們有假期，而去年假期是在三月。所以，這影響了二月的數據。

(spoken in foreign language) (interpreted) What we're expecting for the volumes for the upcoming months, we're expecting to see a recovery from the volumes we saw last year.

（外語）（翻譯）我們預計未來幾個月的銷量將比去年有所回升。

(spoken in foreign language) (interpreted) Regarding prices, as we don't give, any guidance in terms of pricing, (spoken in foreign language) (interpreted) but as we commented last year, by the second half of the year, we started a recovery process that it was, that you could see in the figures of the false queue.

（外語）（翻譯）關於價格，我們不提供任何定價方面的指導，（外語）（翻譯）但正如我們去年評論的那樣，到下半年，我們開始了復甦過程，你可以從虛假排隊的數據中看到這一點。

(spoken in foreign language) (interpreted) The situation will continue in the first month of this year, (spoken in foreign language) (interpreted) and we expect this tendency to continue. If there's no sudden changes in the effects, this tendency should continue in the upcoming quarters.

（外語）（翻譯）今年第一個月情況仍將如此，（外語）（翻譯）我們預期這種趨勢還會持續。如果影響沒有突然變化，這種趨勢應該會在接下來的幾個季度繼續下去。

Okay. Thank you so much.

好的。太感謝了。

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

問答環節到此結束。現在我把發言權交還給迭戈，讓他做總結發言。

Thanks again for joining us today. We appreciate your continued interest so much. I look forward to reconnect with you in our next call. Have a great day.

再次感謝您今天收看我們的節目。我們非常感謝您一直以來的關注。期待下次通話與您再次聯繫。祝你有美好的一天。

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

會議已經結束。非常感謝您出席今天的報告會。現在您可以斷開線路了。

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.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。