Loma Negra (LOMA) Q4 2025 earnings summary

Executive summary

• Cement dispatch volumes declined 1.2% year-over-year in Q4, with net revenues down 1.7% to ARS 225 billion (US$152 million), reflecting a slower-than-expected recovery.

• Adjusted EBITDA for Q4 was $37 million (19.7% margin), down 33.4% year-over-year, with full-year 2025 Adjusted EBITDA at $146 million (21.3% margin), both showing margin contraction.

• Net profit for Q4 was ARS 5.9 billion, down from ARS 29.1 billion in Q4 2024, with full-year net income at ARS 23.6 billion, down from ARS 202.3 billion in 2024.

• Net debt declined by $23 million quarter-over-quarter to $183 million, with a net debt/EBITDA ratio of 1.47x.

• The company marked its 100th anniversary, released its fifth sustainability report, and completed the 25kg bagging project, improving safety and cost structure.

Financial highlights

• Q4 consolidated Adjusted EBITDA was $37 million, down 33.4% year-over-year, with margin at 19.7%.

• Full-year 2025 consolidated revenues declined 7.8% to ARS 848 billion, while cement volumes increased 2.5%.

• Q4 net profit attributable to owners was ARS 6.2 billion, down from ARS 29.5 billion in Q4 2024, mainly due to weaker operating performance and lower net financial results.

• Net financial loss for Q4 was ARS 9.8 billion, compared to a gain of ARS 1.1 billion in Q4 2024.

• Gross margin for Q4 contracted by 906 basis points year-over-year to 23.5%.

Outlook and guidance

• Management expects a year of growth in 2026, with high single-digit volume growth anticipated as new projects begin to impact volumes.

• Margins are expected to recover in upcoming quarters as price improvements continue, barring sudden FX changes.

• Optimism for 2026 is based on expectations of improved macroeconomic conditions and infrastructure investment.

• The normalization of macroeconomic conditions and easing monetary constraints are expected to gradually support economic activity and cement demand.