Loma Negra Reports 2Q26 results
BUENOS AIRES, Argentina, Aug. 6, 2026 /PRNewswire/ -- Loma Negra, (NYSE: LOMA; BYMA: LOMA), ("Loma Negra" or the "Company"), the leading cement producer in Argentina, today announced results for the three-month period ended June 30, 2026 (our "2Q26 Results").
2Q26 Key Highlights
The Company has presented certain financial figures, Table 1b and Table 11, in U.S. dollars and Pesos without giving effect to IAS 29. The Company has prepared all other financial information herein by applying IAS 29.
Commenting on the financial and operating performance for the second quarter of 2026, Sergio Faifman, Loma Negra's Chief Executive Officer, noted: "As we move through the second quarter, industry volumes have not yet fully regained the momentum we were expecting. Performance during the quarter was mainly affected by a weak April, impacted by heavy rains, while May and June trends were more in line with the levels registered a year ago.
Regarding our second-quarter results, margins in pesos remained broadly in line year-over-year, while the sequential comparison was more affected by higher costs, some of them seasonal. Our top line continued to show a positive trend, although volumes are still lagging. In dollar terms, EBITDA per ton improved year-over-year and remains at healthy levels, underscoring the resilience of our operations even as demand recovery remains gradual.
Looking ahead, we will continue to focus on preserving our efficiency gains as we await a stronger level of activity in the second half of the year."
Table 1: Financial Highlights
(amounts expressed in millions of pesos, unless otherwise noted)
Three-months ended
June 30,
Six-months ended
June 30,
2026
2025
% Chg.
2026
2025
% Chg.
Net revenue
238,053
233,056
2.1 %
471,589
464,042
1.6 %
Gross Profit
45,663
47,535
-3.9 %
106,553
108,606
-1.9 %
Gross Profit margin
19.2 %
20.4 %
-121 bps
22.6 %
23.4 %
-81 bps
Adjusted EBITDA
48,175
49,420
-2.5 %
106,432
104,873
1.5 %
Adjusted EBITDA Mg.
20.2 %
21.2 %
-97 bps
22.6 %
22.6 %
-3 bps
Net Profit (Loss)
7,043
514
1269.7 %
50,418
30,599
64.8 %
Net Profit (Loss) attributable to owners of the Company
7,468
531
1307.4 %
51,245
30,932
65.7 %
EPS
12.7982
0.9094
1307.4 %
87.8266
53.0127
65.7 %
Average outstanding shares
583
583
0.0 %
583
583
0.0 %
Net Debt
273,650
342,131
-20.0 %
273,650
342,131
-20.0 %
Net Debt /LTM Adjusted EBITDA
1.30x
1.34x
-0.03x
1.30x
1.34x
-0.03x
Table 1b: Financial Highlights in Ps and in U.S. dollars (figures exclude the impact of IAS 29)
In million Ps.
Three-months ended
June 30,
Six-months ended
June 30,
2026
2025
% Chg.
2026
2025
% Chg.
Net revenue
233,660
171,834
36.0 %
445,755
329,561
35.3 %
Adjusted EBITDA
54,115
39,218
38.0 %
117,321
81,413
44.1 %
Adjusted EBITDA Mg.
23.2 %
22.8 %
+34 bps
26.3 %
24.7 %
+162 bps
Net Profit (Loss)
21,468
7,708
178.5 %
70,124
32,148
118.1 %
Net Debt
273,650
256,186
6.8 %
273,650
256,186
6.8 %
Net Debt /LTM Adjusted EBITDA
1.30x
1.34x
-0.03x
1.30x
1.34x
-0.03x
In million US$
Three-months ended
June 30,
Six-months ended
June 30,
2026
2025
% Chg.
2026
2025
% Chg.
Ps./US$, av
1,410.54
1,150.11
22.6 %
1,414.86
1,102.34
28.4 %
Ps./US$, eop
1,483.02
1,194.08
24.2 %
1,483.02
1,194.08
24.2 %
Net revenue
166
149
10.9 %
315
299
5.4 %
Adjusted EBITDA
38
34
12.5 %
83
74
12.3 %
Adjusted EBITDA Mg.
23.2 %
22.8 %
+34 bps
26.3 %
24.7 %
+162 bps
Net Profit (Loss)
15
7
127.1 %
50
29
69.9 %
Net Debt
185
215
-14.0 %
185
215
-14.0 %
Net Debt /LTM Adjusted EBITDA
1.30x
1.34x
-0.03x
1.30x
1.34x
-0.03x
Overview of Operations
Sales Volumes
Table 2: Sales Volumes 2
Three-months ended
June 30,
Six-months ended
June 30,
2026
2025
% Chg.
2026
2025
% Chg.
Cement, masonry & lime
MM Tn
1.19
1.21
-1.4 %
2.37
2.36
0.2 %
Concrete
MM m3
0.11
0.13
-18.6 %
0.22
0.23
-4.6 %
Railroad
MM Tn
1.01
0.92
10.1 %
1.97
1.75
12.4 %
Aggregates
MM Tn
0.23
0.26
-12.2 %
0.46
0.54
-15.4 %
2 Sales volumes include inter-segment sales
Sales volumes of cement, masonry, and lime in 2Q26 decreased by 1.4% year-over-year (YoY) to 1.19 million tons. Volumes for the quarter were mainly affected by a weak April, impacted by heavy rains, while May and June were in line with the year-over-year comparison.
When analyzing dispatch modes, results remained mixed. Bulk cement dispatches continued their positive trend, supported by higher activity levels among concrete producers, industrial customers, and construction companies for both private and public works. Bagged cement dispatches continued to lag, as their target clients — retail customers for self-construction and refurbishment — were more affected by the economic environment and current consumer sentiment.
Concrete segment volumes decreased by 18.6% year-over-year, mainly reflecting a lower level of special projects, together with a decline in demand related to public works and, to a lesser extent, softer demand from industrial and architecture-related projects. This was partially offset by stronger dispatches in Rosario, supported by public infrastructure works. Demand from the construction companies segment remained subdued, continuing to represent a lower share of the sales mix compared to the previous year.
The Aggregates segment posted a 12.2% year-over-year contraction, mainly reflecting the same dynamics affecting the Concrete segment, particularly weaker demand from public works and construction companies.
Railroad segment volumes increased 10.1% compared to the same quarter of 2025, primarily driven by higher transportation volumes of grains, frac sand and cement, partially offset by lower volumes of granitic aggregates. Frac sand volumes also benefited from the resumption of operations following the disruption to the rail network in Bahía Blanca caused by the severe storm in March 2025.
Review of Financial Results
Table 3: Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income
(amounts expressed in millions of pesos, unless otherwise noted)
Three-months ended
June 30,
Six-months ended
June 30,
2026
2025
% Chg.
2026
2025
% Chg.
Net revenue
238,053
233,056
2.1 %
471,589
464,042
1.6 %
Cost of sales
(192,390)
(185,521)
3.7 %
(365,037)
(355,435)
2.7 %
Gross profit
45,663
47,535
-3.9 %
106,553
108,606
-1.9 %
Selling and administrative expenses
(28,858)
(24,942)
15.7 %
(54,749)
(51,880)
5.5 %
Other gains and losses
2,020
1,873
7.8 %
2,674
2,815
-5.0 %
Tax on debits and credits to bank accounts
(2,544)
(2,821)
-9.8 %
(4,973)
(5,341)
-6.9 %
Finance gain (cost), net
Gain on net monetary position
22,556
22,809
-1.1 %
57,706
58,784
-1.8 %
Exchange rate differences
(18,634)
(32,030)
-41.8 %
(5,871)
(44,211)
-86.7 %
Financial income
731
(16)
n/a
1,158
1,516
-23.6 %
Financial expense
(10,279)
(13,054)
-21.3 %
(24,040)
(25,770)
-6.7 %
Profit (Loss) before taxes
10,654
(646)
n/a
78,458
44,520
76.2 %
Income tax expense
Current
(5,961)
(1,875)
218.0 %
(29,833)
(16,524)
80.5 %
Deferred
2,351
3,035
-22.5 %
1,794
2,603
-31.1 %
Net profit (Loss)
7,043
514
1269.7 %
50,418
30,599
64.8 %
Net Revenues
Net revenue increased by 2.1% to Ps. 238,053 million in 2Q26, from Ps. 233,056 million in the comparable quarter last year, mainly driven by stronger top-line performance in the Cement business, followed by the Railroad segment, partially offset by lower revenues in the Concrete and Aggregates segments.
The Cement, Masonry Cement and Lime segment revenue increased by 2.2% YoY. Volumes decreased by 1.4% YoY, as a weak April, impacted by heavy rains, was only partially offset by May and June, which came in line with last year. Dispatch mix remained mixed, with bulk cement continuing to outperform on the back of steady demand from concrete producers, industrial clients, and construction companies, while bagged cement remained soft amid a more challenging environment for retail and self-construction demand. Pricing dynamics remained positive, supporting the segment's top-line performance.
Concrete revenue decreased by 11.2% in the quarter compared to 2Q25, as an 18.6% decline in volumes — driven by the dynamics discussed above — was only partially offset by favorable pricing dynamics, which supported the segment's top-line performance despite a highly competitive environment.
Revenues in the Aggregates segment decreased by 10.3% YoY, as the 12.2% volume contraction was only partially offset by favorable pricing dynamics, which also supported the top line, together with a favorable sales mix.
Railroad revenues increased by 8.6% in 2Q26 compared to the same quarter of 2025, as higher transported volumes, up 10.1%, more than offset softer pricing dynamics, which did not contribute to the segment's top-line growth.
Cost of sales, and Gross profit
Cost of sales increased by 3.7% YoY to Ps. 192,390 million in 2Q26, mainly reflecting higher costs in the Cement and Railroad segments, partially offset by lower cost of sales in the Concrete and Aggregates businesses.
In the Cement segment, unit costs increased by 5.4% YoY, outpacing the 3.6% increase in average pricing and resulting in some margin compression on a per-ton basis. The increase was mainly driven by higher depreciation, following the completion of the 25-kilogram bagging project after June 2025, along with higher packaging costs associated with its implementation. Maintenance costs also rose, together with freight costs, reflecting the pass-through of higher fuel prices. Thermal and electric energy costs remained broadly in line. Additionally, as planned, most kilns were shut down in May to avoid operating during the winter months and thereby limit exposure to higher energy costs.
Gross profit decreased by 3.9% in the second quarter, totaling Ps. 45,663 million compared to Ps. 47,535 million in 2Q25. The gross profit margin contracted by 121 basis points year-over-year, reaching 19.2%.
Selling and Administrative Expenses
Selling and administrative expenses (SG&A) increased by 15.7% YoY to Ps. 28,858 million in 2Q26, compared to Ps. 24,942 million in 2Q25. This increase was mainly driven by higher salary expenses. As a percentage of net sales, SG&A expenses represented 12.1% of net sales, an increase of 142 basis points compared to 2Q25.
Adjusted EBITDA & Margin
Table 4: Adjusted EBITDA Reconciliation & Margin
(amounts expressed in millions of pesos, unless otherwise noted)
Three-months ended
June 30,
Six-months ended
June 30,
2026
2025
% Chg.
2026
2025
% Chg.
Adjusted EBITDA reconciliation:
Net profit (Loss)
7,043
514
1269.7 %
50,418
30,599
64.8 %
(+) Depreciation and amortization
29,351
24,953
17.6 %
51,954
45,331
14.6 %
(+) Tax on debits and credits to bank accounts
2,544
2,821
-9.8 %
4,973
5,341
-6.9 %
(+) Income tax expense
3,610
(1,160)
n/a
28,039
13,921
101.4 %
(+) Financial interest, net
8,450
11,296
-25.2 %
19,886
19,281
3.1 %
(+) Exchange rate differences, net
18,634
32,030
-41.8 %
5,871
44,211
-86.7 %
(+) Other financial expenses, net
1,098
1,774
-38.1 %
2,996
4,974
-39.8 %
(+) Gain on net monetary position
(22,556)
(22,809)
-1.1 %
(57,706)
(58,784)
-1.8 %
Adjusted EBITDA
48,175
49,420
-2.5 %
106,432
104,873
1.5 %
Adjusted EBITDA Margin
20.2 %
21.2 %
-97 bps
22.6 %
22.6 %
-3 bps
Adjusted EBITDA decreased by 2.5% year-over-year in 2Q26, totaling Ps. 48,175 million compared to Ps. 49,420 million in the same period of the previous year, mainly driven by a weaker result in the Railroad segment, together with, to a lesser extent, a contraction in Cement, partially offset by improved results in Concrete and Aggregates.
As a result, the Adjusted EBITDA margin contracted by 97 basis points to 20.2% in 2Q26 from 21.2% in 2Q25. On a sequential basis, the margin declined by approximately 466 basis points from 24.9% in the previous quarter.
In particular, the Adjusted EBITDA margin of the Cement, Masonry and Lime segment contracted by 81 basis points to 23.9%, mainly reflecting higher cost of sales, as discussed above, coupled with higher SG&A expenses.
Meanwhile, the Concrete segment's Adjusted EBITDA margin expanded by 867 basis points to -4.3% in 2Q26, from -13.0% in 2Q25, as favorable pricing dynamics, coupled with lower costs, helped reduce the negative result, although it remained affected by higher SG&A expenses. Similarly, the Aggregates segment improved its margin by 877 basis points, reaching -18.6% this quarter from -27.3% in the same period last year, also supported by favorable pricing and cost control, although it remained in negative territory.
In the Railroad segment, the Adjusted EBITDA margin declined to -5.2% in 2Q26 from a positive 9.8% in 2Q25, mainly due to higher cost of sales, driven by increased fuel and labor costs, while SG&A expenses remained broadly in line.
Finance Costs-Net
Table 5: Finance Gain (Cost), net
(amounts expressed in millions of pesos, unless otherwise noted)
Three-months ended
June 30,
Six-months ended
June 30,
2026
2025
% Chg.
2026
2025
% Chg.
Exchange rate differences
(18,634)
(32,030)
-41.8 %
(5,871)
(44,211)
-86.7 %
Financial income
731
(16)
n/a
1,158
1,516
-23.6 %
Financial expense
(10,279)
(13,054)
-21.3 %
(24,040)
(25,770)
-6.7 %
Gain on net monetary position
22,556
22,809
-1.1 %
57,706
58,784
-1.8 %
Total Finance Gain (Cost), Net
(5,626)
(22,291)
-74.8 %
28,953
(9,681)
n/a
During 2Q26, the Company reported a total net financial loss of Ps. 5,626 million, compared to a net financial loss of Ps. 22,291 million in 2Q25. This YoY improvement was mainly attributable to lower foreign exchange losses on our U.S. dollar-denominated liabilities. While the peso continued to depreciate against the U.S. dollar during the quarter, the pace of depreciation was more moderate than the one registered in 2Q25, resulting in a smaller foreign exchange loss year-over-year.
Meanwhile, net financial expense decreased by 26.9% year-over-year to Ps. 9,548 million, from Ps. 13,070 million in 2Q25, primarily driven by an improvement in financial income, coupled with lower financial expenses.
Net Profit and Net Profit Attributable to Owners of the Company
The Company reported Net Profit of Ps. 7.0 billion in 2Q26, compared to Ps. 0.5 billion in the same period of the previous year. The improvement was mainly driven by lower net financial losses, as discussed in the Finance Cost section, despite lower operating performance during the quarter. This increase was partially offset by higher income tax expense, as the Company recorded a net tax expense in 2Q26, compared to a net tax benefit in the same period last year.
Net Profit Attributable to Owners of the Company totaled Ps. 7.5 billion. During the quarter, the Company reported earnings per common share of Ps. 12.7982 and earnings per ADR of Ps. 63.9908, compared to earnings per common share of Ps. 0.9094 and earnings per ADR of Ps. 4.5469 in 2Q25.
Capitalization
Table 6: Capitalization and Debt Ratio
(amounts expressed in millions of pesos, unless otherwise noted)
As of June 30,
As of December, 31
2026
2025
2025
Total Debt
302,505
363,357
348,093
- Short-Term Debt
46,592
361,531
156,892
- Long-Term Debt
255,914
1,826
191,201
Cash, Cash Equivalents and Investments
(28,855)
(21,227)
(36,708)
Total Net Debt
273,650
342,131
311,386
Shareholder's Equity
1,296,186
1,249,701
1,245,767
Capitalization
1,598,691
1,613,059
1,593,861
LTM Adjusted EBITDA
210,746
254,497
211,494
Net Debt /LTM Adjusted EBITDA
1.30x
1.34x
1.47x
As of June 30, 2026, total Cash, Cash Equivalents and Investments amounted to Ps. 28,855 million, compared to Ps. 21,227 million as of June 30, 2025. Total Net Debt at quarter-end stood at Ps. 273,650 million, composed of Ps. 46,592 million in short-term borrowings, including the current portion of long-term debt (15% of total debt), and Ps. 255,914 million in long-term borrowings (85% of total debt). As of the end of 2Q26, 87% (Ps. 263,586 million) of Loma Negra's total debt was denominated in U.S. dollars, while 13% (Ps. 38,919 million) was denominated in pesos.
As of June 30, 2026, 87% of the Company's consolidated debt accrued interest at a fixed rate, while the remaining 13% accrued interest at a variable rate, primarily linked to short-term peso market rates.
In May 2026, the Company cancelled its Class 4 corporate bond (ON Clase 4) for a total principal amount of US$ 10.0 million. Following this cancellation, the Company has no remaining debt maturities for the rest of the year.
At quarter-end, Loma Negra's total debt had an average maturity of 1.4 years.
The Net Debt to Adjusted EBITDA (LTM) ratio stood at 1.30x as of the end of the second quarter, compared to 1.34x as of June 30, 2025, and 1.47x as of December 31, 2025.
Cash Flows
Table 7: Condensed Interim Consolidated Statement of Cash Flows
(amounts expressed in millions of pesos, unless otherwise noted)
Three-months ended
June 30,
Six-months ended
June 30,
2026
2025
2026
2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net Profit (Loss)
7,043
514
50,418
30,599
Adjustments to reconcile net profit (loss) to net cash provided by operating activities
33,922
43,617
47,096
61,076
Changes in operating assets and liabilities
(22,868)
(73,874)
(58,371)
(123,296)
Net cash generated by (used in) operating activities
18,098
(29,743)
39,143
(31,621)
CASH FLOWS FROM INVESTING ACTIVITIES
Property, plant and equipment, Intangible Assets, net
(9,741)
(24,089)
(21,640)
(39,783)
Contributions to Trust
(143)
(543)
(625)
(880)
Investments, net
-
-
(411)
-
Net cash used in investing activities
(9,883)
(24,632)
(22,676)
(40,664)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds / Repayments from borrowings, Interest paid
(30,241)
60,905
(13,114)
82,094
Net cash generated by (used in) by financing activities
(30,241)
60,905
(13,114)
82,094
Net increase (decrease) in cash and cash equivalents
(22,027)
6,530
3,353
9,810
Cash and cash equivalents at the beginning of the year
49,539
15,040
36,708
13,147
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")
(2,551)
(1,243)
(10,323)
(2,811)
Effects of the exchange rate differences on cash and cash equivalents in foreign currency
3,480
900
(1,297)
1,080
Cash and cash equivalents at the end of the period
28,441
21,227
28,441
21,227
In 2Q26, net cash generated from operating activities totaled Ps. 18,098 million, compared to net cash used of Ps. 29,743 million in the same period of the previous year. The YoY improvement was mainly driven by an improvement in working capital, primarily reflecting substantially lower income tax payments during the quarter, together with a stronger increase in tax liabilities. This was partially offset by higher working capital requirements in trade and other receivables, as well as accounts payable.
During the quarter, the Company used Ps. 30,241 million in financing activities, mainly related to the repayment of borrowings, including the cancellation of the Class 4 corporate bond for US$ 10 million, compared to net proceeds generated in 2Q25, mainly associated with bond issuances. Additionally, Ps. 9,883 million were used in investing activities, as CAPEX remained lower following the completion of the 25-kilogram bagging project.
2Q26 Earnings Conference Call
When:
12:00 p.m. U.S. ET (1:00 p.m. BAT), August 7, 2026
Dial-in:
1-833-255-2824 (U.S.), 1-866-605-3852 (Canada), 1-412-902-6701 (International)
Password:
Loma Negra Call
Webcast:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=BY7nwzoV
Replay:
A telephone replay of the conference call will be available until August 14, 2026. The replay can be accessed by dialing 1-855-669-9658 (U.S. toll free), or 1-412-317-0088 (International). The passcode for the replay is 4080818. The audio of the conference call will also be archived on the Company's website at www.lomanegra.com.
Definitions
Adjusted EBITDA is calculated as net profit plus financial interest, net plus income tax expense plus depreciation and amortization plus exchange rate differences plus other financial expenses, net plus tax on debits and credits to bank accounts, plus share of loss of associates, plus net Impairment of Property, plant and equipment, and less income from discontinued operation. Loma Negra believes that excluding tax on debits and credits to bank accounts from its calculation of Adjusted EBITDA is a better measure of operating performance when compared to other international players.
Net Debt is calculated as borrowings less cash, cash equivalents and short-term investments.
About Loma Negra
Founded in 1926, Loma Negra is the leading cement company in Argentina, producing and distributing cement, masonry cement, aggregates, concrete and lime, products primarily used in private and public construction. Loma Negra is a vertically-integrated cement and concrete company, with nationwide operations, supported by vast limestone reserves, strategically located plants, top-of-mind brands and established distribution channels. Loma Negra is listed both on BYMA and on NYSE in the U.S., where it trades under the symbol "LOMA". One ADS represents five (5) common shares. For more information, visit www.lomanegra.com.
Note
The Company presented some figures converted from Pesos to U.S. dollars for comparison purposes. The exchange rate used to convert Pesos to U.S. dollars was the reference exchange rate (Communication "A" 3500) reported by the Central Bank for U.S. dollars. The information presented in U.S. dollars is for the convenience of the reader only. Certain figures included in this report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be arithmetic aggregations of the figures presented in previous quarters.
Rounding: We have made rounding adjustments to reach some of the figures included in this report. As a result, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.
Disclaimer
This release contains forward-looking statements within the meaning of federal securities law that are subject to risks and uncertainties. These statements are only predictions based upon our current expectations and projections about possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives. In some cases, you can identify forward-looking statements by terminology such as "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "expect," "predict," "potential," "seek," "forecast," or the negative of these terms or other similar expressions. The forward-looking statements are based on the information currently available to us. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including, among others things: changes in general economic, political, governmental and business conditions globally and in Argentina, changes in inflation rates, fluctuations in the exchange rate of the peso, the level of construction generally, changes in cement demand and prices, changes in raw material and energy prices, changes in business strategy and various other factors. You should not rely upon forward-looking statements as predictions of future events. Although we believe in good faith that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Any or all of Loma Negra's forward-looking statements in this release may turn out to be wrong. You should consider these forward-looking statements in light of other factors discussed under the heading "Risk Factors" in the prospectus filed with the Securities and Exchange Commission on October 31, 2017 in connection with Loma Negra's initial public offering. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations.
--- Financial Tables Follow ---
Table 8: Condensed Interim Consolidated Statements of Financial Position
(amounts expressed in millions of pesos, unless otherwise noted)
As of June 30,
As of December, 31
2026
2025
ASSETS
Non-current assets
Property, plant and equipment
1,552,180
1,590,891
Right to use assets
3,520
3,787
Intangible assets
11,742
10,178
Investments
107
107
Goodwill
1,064
1,064
Inventories
115,900
95,794
Other receivables
1,522
1,520
Other assets
403
470
Total non-current assets
1,686,437
1,703,812
Current assets
Inventories
345,031
343,741
Other receivables
29,360
43,648
Trade accounts receivable
103,009
89,760
Investments
18,552
25,303
Cash and banks
10,302
11,405
Total current assets
506,254
513,857
TOTAL ASSETS
2,192,691
2,217,669
SHAREHOLDER'S EQUITY
Capital stock and other capital related accounts
406,418
406,418
Reserves
840,584
813,026
Retained earnings
51,245
27,558
Equity attributable to the owners of the Company
1,298,247
1,247,002
Non-controlling interests
(2,061)
(1,234)
TOTAL SHAREHOLDER'S EQUITY
1,296,186
1,245,767
LIABILITIES
Non-current liabilities
Borrowings
255,914
191,201
Provisions
14,062
16,435
Salaries and social security payables
375
2,288
Tax liabilities
4,318
5,194
Debts for leases
1,445
1,552
Other liabilities
1,062
1,249
Deferred tax liabilities
394,521
396,315
Total non-current liabilities
671,696
614,234
Current liabilities
Borrowings
46,592
156,892
Accounts payable
107,302
138,083
Advances from customers
11,734
16,854
Salaries and social security payables
24,056
28,464
Tax liabilities
31,708
13,274
Debts for leases
1,938
2,577
Other liabilities
1,479
1,522
Total current liabilities
224,810
357,668
TOTAL LIABILITIES
896,505
971,902
TOTAL SHAREHOLDER'S EQUITY AND LIABILITIES
2,192,691
2,217,669
Table 9: Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income (unaudited)
(amounts expressed in millions of pesos, unless otherwise noted)
Three-months ended
June 30,
Six-months ended
June 30,
2026
2025
% Change
2026
2025
% Change
Net revenue
238,053
233,056
2.1 %
471,589
464,042
1.6 %
Cost of sales
(192,390)
(185,521)
3.7 %
(365,037)
(355,435)
2.7 %
Gross Profit
45,663
47,535
-3.9 %
106,553
108,606
-1.9 %
Selling and administrative expenses
(28,858)
(24,942)
15.7 %
(54,749)
(51,880)
5.5 %
Other gains and losses
2,020
1,873
7.8 %
2,674
2,815
-5.0 %
Tax on debits and credits to bank accounts
(2,544)
(2,821)
-9.8 %
(4,973)
(5,341)
-6.9 %
Finance gain (cost), net
Gain on net monetary position
22,556
22,809
-1.1 %
57,706
58,784
-1.8 %
Exchange rate differences
(18,634)
(32,030)
-41.8 %
(5,871)
(44,211)
-86.7 %
Financial income
731
(16)
n/a
1,158
1,516
-23.6 %
Financial expenses
(10,279)
(13,054)
-21.3 %
(24,040)
(25,770)
-6.7 %
Profit (loss) before taxes
10,654
(646)
n/a
78,458
44,520
76.2 %
Income tax expense
Current
(5,961)
(1,875)
218.0 %
(29,833)
(16,524)
80.5 %
Deferred
2,351
3,035
-22.5 %
1,794
2,603
-31.1 %
Net Profit (Loss)
7,043
514
1269.7 %
50,418
30,599
64.8 %
Net Profit (Loss) for the period attributable to:
Owners of the Company
7,468
531
1307.4 %
51,245
30,932
65.7 %
Non-controlling interests
(424)
(16)
2490.7 %
(827)
(333)
148.3 %
NET PROFIT (LOSS) FOR THE PERIOD
7,043
514
1269.7 %
50,418
30,599
64.8 %
Earnings per share (basic and diluted):
12.7982
0.9094
1307.4 %
87.8266
53.0127
65.7 %
Table 10: Condensed Interim Consolidated Statement of Cash Flows
(amounts expressed in millions of pesos, unless otherwise noted)
Three-months ended
June 30,
Six-months ended
June 30,
2026
2025
2026
2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net Profit (Loss)
7,043
514
50,418
30,599
Adjustments to reconcile net profit to net cash provided by operating activities
Income tax expense
3,610
(1,160)
28,039
13,921
Depreciation and amortization
29,351
24,953
51,954
45,331
Provisions
410
1,815
378
3,371
Exchange rate differences
14,562
28,794
4,023
38,181
Interest expense
8,425
11,478
19,885
19,497
Gain on disposal of property, plant and equipment
(23)
3
(33)
(151)
Gain on net monetary position
(22,556)
(22,809)
(57,706)
(58,784)
Impairment of trust fund
143
543
555
(290)
Changes in operating assets and liabilities
Inventories
3,917
6,514
(12,721)
(23,172)
Other receivables
(10,859)
(5,740)
5,619
(1,287)
Trade accounts receivable
(14,522)
(6,025)
(29,453)
(15,664)
Advances from customers
2,572
(1,146)
(3,755)
177
Accounts payable
(7,701)
(2,675)
(4,957)
(13,178)
Salaries and social security payables
(5,534)
(7,057)
(2,553)
(5,876)
Provisions
(250)
(115)
(372)
(1,231)
Tax liabilities
14,385
3,786
(945)
4,676
Other liabilities
24
302
112
435
Income tax paid
(4,901)
(61,718)
(9,347)
(68,175)
Net cash generated by (used in) operating activities
18,098
(29,743)
39,143
(31,621)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposal of Property, plant and equipment
300
(3)
983
786
Payments to acquire Property, plant and equipment
(9,371)
(21,304)
(19,754)
(37,786)
Payments to acquire Intangible Assets
(669)
(2,783)
(2,869)
(2,783)
Acquire investments
-
-
(411)
-
Contributions to Trust
(143)
(543)
(625)
(880)
Net cash generated by (used in) investing activities
(9,883)
(24,632)
(22,676)
(40,664)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from non-convertible negotiable obligations
-
-
92,346
-
Proceeds from borrowings
33,516
105,777
65,429
150,798
Interest paid
(6,146)
(11,381)
(19,081)
(18,811)
Debts for leases
(601)
(638)
(1,275)
(1,267)
Repayment of borrowings
(57,010)
(32,853)
(150,533)
(48,627)
Net cash generated by (used in) financing activities
(30,241)
60,905
(13,114)
82,094
Net increase (decrease) in cash and cash equivalents
(22,027)
6,530
3,353
9,810
Cash and cash equivalents at the beginning of the period
49,539
15,040
36,708
13,147
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")
(2,551)
(1,243)
(10,323)
(2,811)
Effects of the exchange rate differences on cash and cash equivalents in foreign currency
3,480
900
(1,297)
1,080
Cash and cash equivalents at the end of the period
28,441
21,227
28,441
21,227
Table 11: Financial Data by Segment (figures exclude the impact of IAS 29)
(amounts expressed in millions of pesos, unless otherwise noted)
Three-months ended
June 30,
Six-months ended
June 30,
2026
%
2025
%
2026
%
2025
%
Net revenue
233,660
100.0 %
171,834
100.0 %
445,755
100.0 %
329,561
100.0 %
Cement, masonry cement and lime
203,557
87.1 %
149,622
87.1 %
388,422
87.1 %
287,474
87.2 %
Concrete
17,565
7.5 %
14,868
8.7 %
35,085
7.9 %
28,326
8.6 %
Railroad
22,957
9.8 %
15,907
9.3 %
42,834
9.6 %
30,497
9.3 %
Aggregates
5,698
2.4 %
4,774
2.8 %
10,994
2.5 %
8,756
2.7 %
Others
4,201
1.8 %
2,546
1.5 %
7,934
1.8 %
4,535
1.4 %
Eliminations
(20,317)
-8.7 %
(15,882)
-9.2 %
(39,515)
-8.9 %
(30,028)
-9.1 %
Cost of sales
160,927
100.0 %
119,521
100.0 %
293,138
100.0 %
220,437
100.0 %
Cement, masonry cement and lime
131,765
81.9 %
97,279
81.4 %
238,945
81.5 %
178,370
80.9 %
Concrete
17,826
11.1 %
16,086
13.5 %
34,799
11.9 %
29,485
13.4 %
Railroad
23,715
14.7 %
15,236
12.7 %
44,008
15.0 %
30,258
13.7 %
Aggregates
6,189
3.8 %
5,706
4.8 %
11,824
4.0 %
10,393
4.7 %
Others
1,750
1.1 %
1,096
0.9 %
3,077
1.0 %
1,960
0.9 %
Eliminations
(20,317)
-12.6 %
(15,882)
-13.3 %
(39,515)
-13.5 %
(30,028)
-13.6 %
Selling, admin. expenses and other gains & losses
24,473
100.0 %
15,753
100.0 %
46,045
100.0 %
32,477
100.0 %
Cement, masonry cement and lime
20,964
85.7 %
13,909
88.3 %
39,076
84.9 %
28,976
89.2 %
Concrete
1,506
6.2 %
604
3.8 %
3,027
6.6 %
1,261
3.9 %
Railroad
1,115
4.6 %
798
5.1 %
2,253
4.9 %
1,181
3.6 %
Aggregates
69
0.3 %
56
0.4 %
143
0.3 %
93
0.3 %
Others
818
3.3 %
387
2.5 %
1,546
3.4 %
966
3.0 %
Depreciation and amortization
5,855
100.0 %
2,659
100.0 %
10,749
100.0 %
4,766
100.0 %
Cement, masonry cement and lime
3,400
58.1 %
1,829
68.8 %
6,350
59.1 %
3,507
73.6 %
Concrete
1,157
19.8 %
109
4.1 %
2,069
19.2 %
189
4.0 %
Railroad
1,153
19.7 %
317
11.9 %
2,058
19.2 %
498
10.4 %
Aggregates
132
2.3 %
398
15.0 %
248
2.3 %
563
11.8 %
Others
12
0.2 %
5
0.2 %
23
0.2 %
9
0.2 %
Adjusted EBITDA
54,115
100.0 %
39,218
100.0 %
117,321
100.0 %
81,413
100.0 %
Cement, masonry cement and lime
54,228
100.2 %
40,263
102.7 %
116,751
99.5 %
83,636
102.7 %
Concrete
(610)
-1.1 %
(1,713)
-4.4 %
(671)
-0.6 %
(2,231)
-2.7 %
Railroad
(720)
-1.3 %
191
0.5 %
(1,369)
-1.2 %
(444)
-0.5 %
Aggregates
(428)
-0.8 %
(590)
-1.5 %
(725)
-0.6 %
(1,167)
-1.4 %
Others
1,645
3.0 %
1,068
2.7 %
3,334
2.8 %
1,619
2.0 %
Reconciling items:
Effect by translation in homogeneous cash currency ("Inflation-Adjusted")
(5,940)
10,202
(10,888)
23,459
Depreciation and amortization
(29,351)
(24,953)
(51,954)
(45,331)
Tax on debits and credits banks accounts
(2,544)
(2,821)
(4,973)
(5,341)
Finance gain (cost), net
(5,626)
(22,291)
28,953
(9,681)
Income tax
(3,610)
1,160
(28,039)
(13,921)
NET PROFIT (LOSS) FOR THE PERIOD
7,043
514
50,418
30,599
SOURCE LOMA NEGRA