Holcim (Argentina) (HARG) Q4 2024 earnings summary

Executive summary

• FY2024 results weakened YoY: revenue was ARS 400,230 million and net income ARS 41,194 million, with 2023 comparatives restated for inflation under IAS 29.

• Operating cash flow was ARS 52,634 million; investing and financing outflows drove cash and equivalents down to ARS 19,898 million at year-end.

• Growth through acquisitions included Tensolite, consolidated from May 2024; a subsequent agreement to acquire Horcrisa was signed in February 2025, subject to closing conditions.

Financial highlights

• Revenue ARS 400,230 million vs ARS 520,314 million in 2023; cost of sales ARS 281,107 million vs ARS 315,073 million.

• Gross profit ARS 119,123 million vs ARS 205,241 million; net income ARS 41,194 million vs ARS 68,674 million.

• Financial income was ARS 3,579 million vs ARS 52,272 million; financial expenses were ARS 28,623 million vs ARS 61,039 million.

• Basic and diluted EPS were ARS 110.55 vs ARS 188.09 in 2023.

Outlook and guidance

• On February 27, 2025, an agreement was signed to acquire 100% of Horcrisa for USD 32.5 million, payable in pesos under the contract’s exchange-rate terms; completion remains subject to customary conditions.

• Argentina’s RIGI investment incentive regime and announced development-bank financing may support strategic-sector investment, including energy and sustainable mining.