Loma Negra Compania Industrial Argentina Sociedad Anonima Overview
Loma Negra is Argentina's largest cement producer. It holds roughly 45% of national cement sales and celebrated its centenary in 2026. It is a vertically integrated, single-country building-materials platform. The core cement, masonry-cement and lime franchise, which generates essentially all group EBITDA, is complemented by ready-mix concrete, aggregates and Ferrosur Roca, a freight railway that moves the group's own and third-party bulk cargo across Buenos Aires Province and the Patagonian corridor.
The company's moat rests on several assets: vast limestone reserves, the modern L'Amalí kiln complex in Olavarría, top-of-mind consumer brands sold through an entrenched distributor network, and logistics integration.
Its economics are hostage to Argentine construction cycles, energy costs and the peso. Volumes collapsed by roughly a quarter in 2024, recovered only partially in 2025, and remained flat-to-down in 1H26. That pressure drove a deep cut in EBITDA margins and a six-month shutdown of the main L'Amalí kiln.
The April 2026 change of indirect control to an Argentine-led consortium headed by Marcelo Mindlin is the defining corporate event of the period.
The company's own description
In each earnings release, Loma Negra describes itself as "the leading cement company in Argentina." It produces and distributes cement, masonry cement, aggregates, concrete and lime, used primarily in private and public construction.
It characterises itself as a vertically integrated cement and concrete company with nationwide operations. That positioning is supported by vast limestone reserves, strategically located plants, top-of-mind brands and established distribution channels (2Q26 release, "About Loma Negra").
Independent characterisation
| Revenue model element | Share of FY2025 gross segment revenue (non-IAS 29) | Nature |
|---|---|---|
| Product sales — cement, masonry cement, lime | 86.8% | Bagged (retail/self-construction) and bulk (ready-mix producers, industrial users, construction firms, public works) |
| Product sales — ready-mix concrete | 9.4% | Project-based; private developments, logistics, public infrastructure |
| Service — rail freight (Ferrosur Roca) | 9.2% | Tariff-based freight: grains, frac sand, cement, granitic aggregates, gypsum, chemicals |
| Product sales — aggregates | 2.6% | Granitic aggregates for concrete, roads and railways |
| Others (waste co-processing etc.) | 1.4% | Recycomb S.A.U. and miscellaneous |
| Inter-segment eliminations | -9.4% | Captive flows |
Loma Negra is fundamentally a heavy-materials manufacturer with a product-sale revenue model. There is no material service, subscription or licensing revenue. Roughly 87% of gross segment revenue comes from cement, masonry cement and lime (non-IAS 29 basis, FY2025 and 1H26). Concrete contributes about 8–10%, the railway 9–10% and aggregates 2–3%. "Others" is about 1–2% and consists chiefly of waste co-processing through Recycomb and minor activities. Inter-segment eliminations of about 9% of gross revenue reflect captive flows: cement sold to the group's concrete plants, and cement and aggregates hauled by Ferrosur.
Source: 4Q25 release, Table 11 (FY2025, nominal pesos excluding IAS 29).
Value-chain position. Loma Negra spans quarrying (limestone and granitic aggregates), clinker production, cement grinding and blending, bagging, rail and road logistics, distribution, and downstream ready-mix. It is upstream of distributors, ready-mix producers, precast manufacturers, contractors and self-builders.
Customer types.
Bagged channel: hardware stores and building-materials distributors serving retail self-construction and refurbishment. This channel was the weakest in 2025–1H26.
Bulk channel: ready-mix producers, industrial customers, construction companies, and public-works contractors. This channel outperformed in 2025–1H26.
Railway: third-party shippers such as grain traders, frac-sand suppliers to the Vaca Muerta shale play, and chemical companies.
End-markets. Residential self-construction (historically the largest driver of bagged demand), formal residential and commercial building, industrial and logistics facilities, public infrastructure (roads, airports — e.g. Rosario Airport works in 2025), energy and mining infrastructure (Vaca Muerta frac-sand logistics, and RIGI-regime projects cited by management in Aug-2026), and agriculture through grain haulage.
Dispatch-mode dynamics (2025–1H26). The 4Q25 and 2Q26 releases repeatedly note that bulk dispatches kept a "positive trend" while bagged cement "continued to lag." The company explains that its reported segment includes masonry cement and lime, which behave like bagged cement. As a result, Loma's FY2025 segment volume growth (+2.5%) underperformed industry grey-cement growth.
Strategy
Stated strategic themes (management language, paraphrased from FY2025–2Q26 releases and calls)
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Efficiency preservation and cost discipline. The 2Q26 CEO statement emphasises preserving efficiency gains while awaiting stronger 2H26 activity. The 2Q26 call stressed cost discipline and operational efficiency.
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Profitability recovery in 2026. The CEO's FY2025 outlook stated that management expects profitability to recover in 2026 on the back of initiatives implemented in 2025, with more upside if market conditions strengthen.
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Product and operational transformation. The 25-kg bag conversion was completed in 2025, positioned around worker safety and industry leadership.
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Balance-sheet management. The company is extending maturities through the domestic ON programme (Classes 5 and 6), lowering net debt and targeting no further 2026 maturities.
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Long-term value creation and sustainability. Themes include circular economy, carbon-footprint reduction, energy efficiency and social impact (fifth Sustainability Report, FY2025).
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New ownership agenda. Latcem has said it wants to "consolidate and expand" the business. InterCement's debt was rescheduled to 2031, and the new shareholders injected US$110m into InterCement to accelerate investment, maintenance and operational-efficiency plans (Loma Negra / Mercado, Apr-2026).
Initiatives announced or executed in the last 24 months
| Initiative | Date | Description | Targets / status |
|---|---|---|---|
| 25-kg bagging project | Completed after Jun-2025 | Conversion of all plants from 50-kg to 25-kg bags | Completed. Capex peak in FY2024–1H25; now adding depreciation and packaging cost |
| Class 5 ON issuance | 2,025 | Proceeds used to repay Class 2 ON (US$55.5m) in 4Q25 | Executed |
| Class 6 ON | 23 Jan 2026 | US$60m, 6.5%, 36-month bullet | Executed |
| Class 4 ON cancellation | May 2026 | US$10m repaid | No remaining 2026 maturities |
| Winter kiln-stop programme | May–Nov 2026 | Main L'Amalí kiln idled; drawing down ~700kt of clinker stock; avoiding peak-winter gas costs | Ongoing; restart expected ~Nov-2026 |
| Sustainability reporting | Mar-2026 | Fifth Sustainability Report (FY2025); PM10 emissions from cement production -9.3% YoY | Ongoing |
| Change-of-control integration | Apr-2026 onward | New board with shareholder and independent representation; CEO continuity | Ongoing |
Medium-term targets / guidance
Loma Negra does not publish formal numerical guidance or medium-term financial targets; none were identified in FY2025–2Q26 materials.
Qualitative guidance (2Q26 call): management remains cautiously optimistic about a gradual 2H26 recovery. It cites support from RIGI-regime investment projects, government road concessions and seasonal strength from September onward.
One aggregator (Parqet) reports that the company "guides EPS of USD 0.24" for 2Q26. This figure appears to be a consensus estimate mislabelled as guidance and is not treated as company guidance here.
Products & Services
Pricing: Loma Negra does not publish list prices; pricing is negotiated or set by channel. Launch years for legacy cement brands are not publicly disclosed. The company markets under the Loma Negra brand (and historically regional sub-brands); individual brand-level revenue is not disclosed.
Cement, masonry cement and lime
| Product / offering | Description & key specifications | Target customer | Launch / latest version | Notes |
|---|---|---|---|---|
| Portland cements — bagged | General-use Portland cements (normal and composite/pozzolanic types per Argentine IRAM standards), sold in bags. Since mid-2025 the standard bag is 25 kg, replacing the 50-kg format | Retail self-builders, refurbishers, hardware stores, distributors | 25-kg format completed Jun-2025 (FY2025) | 25-kg rollout described by the CEO as "a major operational transformation" that improves worker safety (4Q25 release). It raised packaging costs and depreciation |
| Portland cements — bulk | Same cement families dispatched in bulk by truck and rail | Ready-mix producers, precasters, industrial customers, contractors, public works | Ongoing | Bulk was the stronger channel in 2025–1H26 |
| Masonry cement | Cement for mortars and plastering (non-structural) | Retail construction | Ongoing | Behaves like bagged cement; weighed on FY2025 segment growth |
| Lime (cal) | Hydrated/quick lime for construction and industrial uses | Construction retail; industrial users | Ongoing | Volumes reported within the segment; not split out |
| Technical services — "Consulting and Technical Center" | Technical advice and testing support for customers | Contractors, ready-mix producers | Ongoing | IR site customer services menu |
| Customer platforms — "LomaNet" and "Loma Atiende" | Online customer portal (ordering/accounts) and customer service line (0800-555-1-555) | Distributors and direct customers | Ongoing | IR site |
| Delivery services | Logistics of dispatches to site/distributor | All customers | Ongoing | Supported by the Lomaser blending and distribution center |
Concrete
| Product / offering | Description | Target customer | Notes |
|---|---|---|---|
| Ready-mix concrete (standard) | Structural concrete grades delivered by mixer truck | Builders, developers, contractors | FY2025 volumes 0.56 Mm³ (+42.7%); 1H26 0.22 Mm³ (-4.6%) |
| Special concretes / project supply | Mix designs for large projects (logistics facilities, airport works — e.g. Rosario Airport) | Infrastructure and industrial projects | 2Q26 decline attributed to fewer "special projects" |
Aggregates
| Product | Description | Target customer | Notes |
|---|---|---|---|
| Granitic aggregates (coarse) | Crushed granite for concrete and railway ballast | Ready-mix producers, rail projects | FY2025 volumes 1.15Mt (+19.1%) |
| Fine aggregates | For road construction | Road contractors | Lower average price; negative mix effect in 4Q25 |
Railroad (Ferrosur Roca)
| Service | Description | Customers | Notes |
|---|---|---|---|
| Bulk freight — construction materials | Cement, granitic aggregates, gypsum | Loma Negra (captive) and third parties | FY2025 volumes 3.93Mt (+8.2%) |
| Bulk freight — energy | Frac sand for Vaca Muerta (Neuquén) | Oil & gas service companies | Disrupted by the Mar-2025 Bahía Blanca storm; recovered in 2Q26 |
| Bulk freight — agriculture | Grains | Grain traders | 2Q26 grain volumes up |
| Chemicals | Chemical products | Industrial shippers | Up in 4Q25 |
Others
| Offering | Description | Notes |
|---|---|---|
| Recycomb — waste co-processing | Treatment of industrial waste and preparation of alternative fuels for cement kilns | "Others" segment Adjusted EBITDA Ps 3,960m in FY2025 (36.6% margin) |
Financial Narrative
Headline series — US-dollar convenience translation (company-reported; excludes IAS 29)
Sources: 4Q22 release (FY2021–FY2022); 4Q23 release (FY2023); 4Q25 release (FY2024–FY2025).
FY2023 net profit in US$ is derived by the author: the ex-IAS 29 net loss of Ps -17,110m (4Q23 release Table 1b) divided by the average rate of 295.21. It is not a company-reported US$ figure.
Revenue CAGR FY2021–FY2025 (US$): -1.9% per year (606/655 over 4 years). Adjusted EBITDA CAGR over the same period: -9.2% per year (146/215). Peak-to-current, EBITDA is down 49% from the FY2022 record of US$289m.
Volumes
The FY2023 column is therefore omitted.
Sources: 4Q22, 4Q25 and 2Q26 releases: ### Income statement — IAS 29 basis, as reported (each block in its own measuring unit; do not compare across blocks)
Block A — December 2022 pesos (4Q22 release)
Block B — December 2023 pesos (4Q23 release)
Block C — December 2025 pesos (4Q25 release)
Block D — June 2026 pesos (2Q26 release)
Dividends per share (DPS).
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FY2022: Ps 26.39 per outstanding share in historical pesos, totalling Ps 15,450m (US$126m), including a Ps 6.00/share payment approved on 27 Dec 2022 (4Q22 release).
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FY2024: no cash dividends paid (FY2024 cash flow).
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FY2025: only Ps 3m of dividends paid, effectively nil (FY2025 cash flow).
Balance sheet
Debt composition (30 Jun 2026).
Currency: 87% US-dollar-denominated (Ps 263,586m); 13% pesos.
Rates: 87% fixed rate.
Maturity: 85% long-term; average maturity 1.4 years.
2026 maturities: none remaining after cancellation of the Class 4 ON (US$10m) in May 2026.
At FY2025 year-end, 85% of debt was in US dollars and the average maturity was 1.0 year (2Q26 and 4Q25 releases).
Ratios (author-computed from the IAS 29 statements; year-end balances; each ratio internally consistent within its measuring unit)
FY2021 interest coverage is shown as 0 for charting purposes only: financial interest, net was a net income (Ps -788m), so coverage is not meaningful. The 35% tax rate in ROIC is the Argentine statutory top corporate bracket, used as an analyst assumption.
Cash conversion cycle (author-computed, FY2025 vs FY2024, Dec-2025 pesos):
The very high DIO reflects clinker and raw-material stockpiles plus long-dated spare parts carried as non-current inventory (Ps 81,984m at FY2025). The May-2026 disclosure of ~700kt of clinker overstock is consistent with this inventory build.
Commentary on trends, inflections and drivers
FY2021–FY2022: cyclical peak. Post-COVID construction rebounded and dispatches reached the highest level in years: industry shipments neared 13Mt in 2022, according to the CEO. Loma set records in volume (6.72Mt) and US$ EBITDA (US$289m).
IAS 29 margins nevertheless compressed by 152bp in FY2022 as thermal-energy costs rose. Net profit collapsed (-85% IAS 29) on a Ps 17.6bn "loss on transactions with securities," linked by the company to the cancellation of foreign-currency debt with local funding under Argentine FX restrictions.
The balance sheet was net-cash in FY2021 and modestly levered in FY2022 (0.37x) after US$126m of dividends.
FY2023: first leg down. Volumes fell 4.5% and US$ EBITDA fell 12.7% to US$252m. The steep year-end devaluation (year-end rate 808.48 vs 177.13) inflated US-dollar debt, and net debt/EBITDA reached 1.40x.
FY2024: demand shock, but pricing and cash resilience. The fiscal austerity of the new administration and the halt to public works drove industry dispatches down by double digits. Loma's cement volumes fell to 4.90Mt (roughly -24% vs FY2023).
Even so, US$ EBITDA held at US$198m with a 31.5% ex-IAS 29 margin, owing to pricing discipline and cost management. IAS 29 net profit was inflated to Ps 202bn by a Ps 346bn gain on net monetary position, an accounting artefact of disinflation on a net-monetary-liability position. Operating cash flow was strong at Ps 164bn, and leverage fell to 0.89x.
FY2025: volume up, margins down. Cement volumes recovered only 2.5% to 5.02Mt, with momentum lost in 2H25 amid electoral and financial uncertainty. Real pricing lagged through 1H25 and costs rose (maintenance, 25-kg bag packaging, depreciation). As a result, US$ EBITDA fell 26% to US$146m and the IAS 29 margin fell 454bp to 21.3%.
Net profit fell 89% (IAS 29) as the monetary-position gain shrank from Ps 346bn to Ps 90bn and FX losses rose. Free cash flow was roughly break-even (Ps -1.9bn), burdened by Ps 75bn of income-tax payments relating to the strong FY2024 tax base. Leverage rose to 1.47x.
1H26: margin stabilisation, balance-sheet repair. 1Q26 delivered a 24.9% Adjusted EBITDA margin (+94bp YoY). 2Q26 slipped to 20.2% (-97bp YoY), reflecting a weak, rain-hit April, higher maintenance and freight costs, and planned kiln shutdowns.
In US-dollar terms, 1H26 EBITDA rose 12.3% to US$83m. Net debt fell to US$185m (1.30x), and operating cash flow turned positive (Ps 39bn) as tax payments normalised. The cement margin in 2Q26 was 23.9% (IAS 29) versus 28.8% in 1Q26, showing that the profitability recovery management promised for 2026 is real but fragile.
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Group Entities
| Entity | Role | Ownership | Source |
|---|---|---|---|
Loma Negra C.I.A.S.A. | Parent; cement, masonry cement, lime, concrete, aggregates | Listed (InterCement 52.14%) | Infobae / CNV |
Cofesur S.A.U. | Holding vehicle for rail interests | 100% (S.A.U. = sole shareholder) | IR site (Faifman is board president) |
Ferrosur Roca S.A. | Freight-rail concessionaire (Roca network) | Majority-owned via Cofesur. | IR site |
Recycomb S.A.U. | Industrial-waste treatment and alternative-fuel preparation for kiln co-processing | 100% | IR site |
Fundación Loma Negra para el Desarrollo Sustentable | Corporate foundation | Non-profit | IR site |
Yguazú Cementos S.A. (Paraguay) | Former subsidiary | Sold 2020 | IR site; cash-flow statements |
Segment Overview
| Segment | Contents | Key products / services |
|---|---|---|
Cement, masonry cement and lime | Integrated cement plants, grinding stations, bagging, lime production | Portland cements (bagged & bulk), masonry cement, hydrated/quick lime |
Concrete | Ready-mix concrete plants | Ready-mix concrete (standard and special) |
Railroad | Ferrosur Roca | Freight transport: grains, frac sand, cement, granitic aggregates, gypsum, chemicals |
Aggregates | Granitic aggregate quarries | Crushed stone (coarse and fine) |
Others | Waste co-processing (Recycomb) and minor activities | Industrial waste treatment |
Segment revenue (Ps M, nominal, ex-IAS 29)
| Segment revenue (Ps M, nominal, ex-IAS 29) | FY2021 | FY2022 | FY2024 | FY2025 |
|---|---|---|---|---|
Cement, masonry cement and lime | 55,793 | 96,499 | 510,890 | 653,980 |
Concrete | 4,464 | 9,390 | 45,911 | 70,982 |
Railroad | 5,078 | 8,720 | 54,071 | 69,070 |
Aggregates | 960 | 2,775 | 14,132 | 19,463 |
Others | 382 | 664 | 5,872 | 10,825 |
Eliminations | -4,330 | -8,805 | -54,077 | -70,681 |
Total net revenue | 62,347 | 109,243 | 576,798 | 753,640 |
Segment share of total net revenue (%)
| Segment share of total net revenue (%) | FY2021 | FY2022 | FY2024 | FY2025 |
|---|---|---|---|---|
Cement, masonry cement and lime | 89.5 | 88.3 | 88.6 | 86.8 |
Concrete | 7.2 | 8.6 | 8.0 | 9.4 |
Railroad | 8.1 | 8.0 | 9.4 | 9.2 |
Aggregates | 1.5 | 2.5 | 2.5 | 2.6 |
Others | 0.6 | 0.6 | 1.0 | 1.4 |
Segment revenue growth YoY, nominal pesos (%)
| Segment revenue growth YoY, nominal pesos (%) | FY2022 | FY2025 |
|---|---|---|
Cement, masonry cement and lime | 73.0 | 28.0 |
Concrete | 110.3 | 54.6 |
Railroad | 71.7 | 27.7 |
Aggregates | 189.1 | 37.7 |
Total | 75.2 | 30.7 |
Segment Adjusted EBITDA (Ps M, nominal)
| Segment Adjusted EBITDA (Ps M, nominal) | FY2021 | FY2022 | FY2024 | FY2025 |
|---|---|---|---|---|
Cement, masonry cement and lime | 20,431 | 36,440 | 177,193 | 182,050 |
Concrete | -81 | 185 | -817 | -3,796 |
Railroad | 26 | 550 | 4,875 | 1,068 |
Aggregates | 62 | 515 | -599 | -1,555 |
Others | 15 | 68 | 1,050 | 3,960 |
Total Adjusted EBITDA | 20,453 | 37,758 | 181,701 | 181,727 |
Segment Adjusted EBITDA margin (%, computed)
| Segment Adjusted EBITDA margin (%, computed) | FY2021 | FY2022 | FY2024 | FY2025 |
|---|---|---|---|---|
Cement, masonry cement and lime | 36.6 | 37.8 | 34.7 | 27.8 |
Concrete | -1.8 | 2.0 | -1.8 | -5.3 |
Railroad | 0.5 | 6.3 | 9.0 | 1.5 |
Aggregates | 6.5 | 18.6 | -4.2 | -8.0 |
Others | 3.9 | 10.2 | 17.9 | 36.6 |
Consolidated (ex-IAS 29) | 32.8 | 34.6 | 31.5 | 24.1 |
Segment Revenue
| Segment (Ps M, nominal) | 1H2025 | 1H2026 |
|---|---|---|
Cement, masonry cement and lime — revenue | 287,474 | 388,422 |
Concrete — revenue | 28,326 | 35,085 |
Railroad — revenue | 30,497 | 42,834 |
Aggregates — revenue | 8,756 | 10,994 |
Others — revenue | 4,535 | 7,934 |
Total net revenue | 329,561 | 445,755 |
Cement — Adjusted EBITDA | 83,636 | 116,751 |
Concrete — Adjusted EBITDA | -2,231 | -671 |
Railroad — Adjusted EBITDA | -444 | -1,369 |
Aggregates — Adjusted EBITDA | -1,167 | -725 |
Others — Adjusted EBITDA | 1,619 | 3,334 |
Total Adjusted EBITDA | 81,413 | 117,321 |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net revenue (USD Mn) | 655 | 835 | 790 | 628 | 606 |
Adjusted EBITDA (USD Mn) | 215 | 289 | 252 | 198 | 146 |
Adjusted EBITDA margin, ex-IAS 29 (%) | 32.8 | 34.6 | 31.9 | 31.5 | 24.1 |
Net profit, ex-IAS 29 (USD Mn) | 170 | 107 | -58 | 69 | 30 |
Net debt (USD Mn) | -52 | 90 | 174 | 148 | 183 |
Net debt / LTM Adj. EBITDA (x) | -0.12 | 0.37 | 1.40 | 0.89 | 1.47 |
Average Ps/US$ rate | 95.16 | 130.81 | 295.21 | 918.87 | 1,244.26 |
Year-end Ps/US$ rate | 102.75 | 177.13 | 808.48 | 1,032.50 | 1,459.42 |
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View Subscription PlansSales volumes
| Sales volumes | FY2021 | FY2022 | FY2024 | FY2025 |
|---|---|---|---|---|
Cement, masonry & lime (Mt) | 6.13 | 6.72 | 4.90 | 5.02 |
Concrete (Mm³) | 0.52 | 0.58 | 0.40 | 0.56 |
Railroad (Mt) | 4.33 | 4.54 | 3.63 | 3.93 |
Aggregates (Mt) | 0.84 | 1.24 | 0.97 | 1.15 |
Sales volumes, half-year
| Sales volumes, half-year | 1H2025 | 1H2026 |
|---|---|---|
Cement, masonry & lime (Mt) | 2.36 | 2.37 |
Concrete (Mm³) | 0.23 | 0.22 |
Railroad (Mt) | 1.75 | 1.97 |
Aggregates (Mt) | 0.54 | 0.46 |
Margin Analysis (%)
| Metric (Ps M, Dec-2022 currency) | FY2021 | FY2022 |
|---|---|---|
Net revenue | 143,501 | 145,133 |
Cost of sales | -98,145 | -105,940 |
Gross profit | 45,356 | 39,193 |
Selling & administrative expenses | -12,328 | -12,511 |
Adjusted EBITDA | 45,044 | 43,345 |
Depreciation & amortization | 11,608 | 13,278 |
Adjusted EBIT, author-computed (Adj. EBITDA minus D&A) | 33,436 | 30,067 |
Total finance gain (cost), net | 83 | -17,609 |
Profit before taxes | 31,775 | 11,003 |
Net profit | 12,358 | 1,807 |
Net profit attributable to owners | 12,829 | 1,939 |
Gross margin (%) | 31.6 | 27.0 |
Adjusted EBITDA margin (%) | 31.4 | 29.9 |
Net margin (%) | 8.6 | 1.2 |
Margin Analysis (%) (FY2022–FY2023)
| Metric (Ps M, Dec-2023 currency) | FY2022 | FY2023 |
|---|---|---|
Net revenue | 451,954 | 422,161 |
Gross profit | 122,049 | 105,907 |
Adjusted EBITDA | 134,981 | 100,351 |
Gross margin (%) | 27.0 | 25.1 |
Adjusted EBITDA margin (%) | 29.9 | 23.8 |
Margin Analysis (%) (FY2024–FY2025)
| Metric (Ps M, Dec-2025 currency) | FY2024 | FY2025 |
|---|---|---|
Net revenue | 919,761 | 848,087 |
Cost of sales | -673,790 | -663,080 |
Gross profit | 245,971 | 185,007 |
Selling & administrative expenses | -96,261 | -94,345 |
Other gains and losses | 5,992 | 4,813 |
Tax on debits & credits to bank accounts | -9,761 | -9,033 |
Adjusted EBITDA | 238,087 | 181,002 |
Depreciation & amortization | 82,384 | 85,528 |
Adjusted EBIT, author-computed | 155,703 | 95,474 |
Gain on net monetary position | 345,815 | 90,039 |
Exchange rate differences | -57,498 | -85,133 |
Financial income | 2,582 | 3,977 |
Financial expense | -108,557 | -57,960 |
Total finance gain (cost), net | 182,342 | -49,077 |
Profit before taxes | 328,282 | 37,365 |
Income tax — current | -87,414 | -19,512 |
Income tax — deferred | -38,774 | 4,967 |
Net profit | 202,094 | 22,821 |
Net profit attributable to owners | 202,335 | 23,585 |
EPS, basic & diluted (Ps) | 346.7714 | 40.4204 |
Gross margin (%) | 26.7 | 21.8 |
Adjusted EBITDA margin (%) | 25.9 | 21.3 |
SG&A as % of sales | 10.5 | 11.1 |
Net margin (%) | 22.0 | 2.7 |
Margin Analysis (%) (1H2025–1H2026)
| Metric (Ps M, Jun-2026 currency) | 1H2025 | 1H2026 |
|---|---|---|
Net revenue | 464,042 | 471,589 |
Gross profit | 108,606 | 106,553 |
Selling & administrative expenses | -51,880 | -54,749 |
Adjusted EBITDA | 104,873 | 106,432 |
Depreciation & amortization | 45,331 | 51,954 |
Gain on net monetary position | 58,784 | 57,706 |
Exchange rate differences | -44,211 | -5,871 |
Total finance gain (cost), net | -9,681 | 28,953 |
Profit before taxes | 44,520 | 78,458 |
Net profit | 30,599 | 50,418 |
Net profit attributable to owners | 30,932 | 51,245 |
EPS, basic & diluted (Ps) | 53.0127 | 87.8266 |
Gross margin (%) | 23.4 | 22.6 |
Adjusted EBITDA margin (%) | 22.6 | 22.6 |
Revenue History
| Quarter | Net revenue (Ps M) | Net revenue (USD Mn) | Adj. EBITDA (Ps M) | Adj. EBITDA margin | Net profit (Ps M) | Source |
|---|---|---|---|---|---|---|
4Q25 | 225,233 | 152 | 44,293 | 19.7% | 5,895 | 4Q25 release |
1Q26 | 218,739 | 149 | 54,566 | 24.9% | 40,627 | 1Q26 release |
2Q26 | 238,053 | 166 | 48,175 | 20.2% | 7,043 | 2Q26 release |
Financial Analysis
| Metric (Ps M, Dec-2022 currency) | FY2021 | FY2022 |
|---|---|---|
Total assets | 204,243 | 202,893 |
Cash, equivalents & investments | 10,268 | 4,911 |
Short-term debt | 4,115 | 10,891 |
Long-term debt | 777 | 9,880 |
Total debt | 4,892 | 20,770 |
Net debt | -5,376 | 15,859 |
Total equity | 141,245 | 115,947 |
Goodwill + intangibles | 665 | 572 |
Working capital (current assets minus current liabilities) | 4,842 | -1,459 |
Metric (Ps M, Dec-2025 currency) | FY2024 | FY2025 |
Total assets | 1,852,643 | 1,897,943 |
Property, plant & equipment | 1,386,785 | 1,361,529 |
Cash, equivalents & investments | 11,252 | 31,416 |
Short-term debt | 132,443 | 134,273 |
Long-term debt | 92,375 | 163,635 |
Total debt | 224,818 | 297,908 |
Net debt | 213,567 | 266,492 |
Total equity | 1,043,342 | 1,066,162 |
Goodwill + intangibles | 4,722 | 9,622 |
Deferred tax liabilities | 344,144 | 339,177 |
Working capital | 7,336 | 133,671 |
Metric (Ps M, Jun-2026 currency) | FY2025 restated | 1H2026 |
Total assets | 2,217,669 | 2,192,691 |
Cash, equivalents & investments | 36,708 | 28,855 |
Short-term debt | 156,892 | 46,592 |
Long-term debt | 191,201 | 255,914 |
Total debt | 348,093 | 302,505 |
Net debt | 311,386 | 273,650 |
Total equity | 1,245,767 | 1,296,186 |
Goodwill + intangibles | 11,242 | 12,806 |
Working capital | 156,189 | 281,444 |
Financial Analysis — Operating cash flow
| Metric (Ps M, Dec-2022 currency) | FY2021 | FY2022 |
|---|---|---|
Operating cash flow | 29,316 | 31,362 |
Capex, PP&E + intangibles, net of disposals | 13,446 | 7,012 |
Free cash flow (OCF minus capex), computed | 15,870 | 24,350 |
Dividends paid | 0 | 21,806 |
Share buybacks | 4,650 | 1,797 |
Metric (Ps M, Dec-2025 currency) | FY2024 | FY2025 |
Operating cash flow | 164,065 | 65,396 |
Capex, PP&E + intangibles, net | 94,721 | 67,293 |
Free cash flow, computed | 69,344 | -1,897 |
Income tax paid | 16,437 | 75,321 |
Dividends paid | 0 | 3 |
Share buybacks | 782 | 0 |
Metric (Ps M, Jun-2026 currency) | 1H2025 | 1H2026 |
Operating cash flow | -31,621 | 39,143 |
Capex, PP&E + intangibles, net | 39,783 | 21,640 |
Free cash flow, computed | -71,404 | 17,503 |
Income tax paid | 68,175 | 9,347 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2024 | FY2025 |
|---|---|---|---|---|
ROE, % (net profit to owners / year-end owners' equity) | 9.1 | 1.7 | 19.4 | 2.2 |
ROA, % (net profit / year-end total assets) | 6.1 | 0.9 | 10.9 | 1.2 |
ROIC, % (Adj. EBIT × (1 − 35%) / (equity + net debt)) | 16.0 | 14.8 | 8.1 | 4.7 |
Current ratio, x | 1.15 | 0.97 | 1.02 | 1.44 |
Debt / equity, x | 0.03 | 0.18 | 0.22 | 0.28 |
Net debt / Adj. EBITDA, x (company) | -0.12 | 0.37 | 0.89 | 1.47 |
Interest coverage, x (Adj. EBITDA / financial interest net) | 0 | 9.5 | 3.2 | 3.8 |
Asset turnover, x (revenue / year-end total assets) | 0.70 | 0.72 | 0.50 | 0.45 |
Components
| Component | FY2024 days | FY2025 days |
|---|---|---|
DSO (trade receivables / revenue × 365) | 25.7 | 33.1 |
DIO (total inventories incl. non-current spares & stockpiles / cost of sales × 365) | 191.5 | 207.0 |
DPO (accounts payable / cost of sales × 365) | 66.7 | 65.1 |
Cash conversion cycle | 150.5 | 175.0 |
Geographic revenue share (%)
| Geographic revenue share (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Argentina | 100 | 100 | 100 | 100 | 100 |
Rest of world | 0 | 0 | 0 | 0 | 0 |
Revenue by geography (USD Mn)
| Revenue by geography (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Argentina | 655 | 835 | 790 | 628 | 606 |
Growth (%)
| Growth (%) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Argentina revenue YoY, US$ | 27.5 | -5.4 | -20.5 | -3.5 |
Datapoint Details
| Datapoint | Value | Source |
|---|---|---|
ADS price, 10–11 Aug 2026 | US$10.34 | Upstox |
ADS price, mid-Jun 2026 | US$12.18 (market cap US$1.52bn per Google Finance; likely includes treasury shares) | Google Finance |
ADS price, undated recent MarketBeat quote | US$11.28; market cap US$1.32bn; 52-week range US$5.70–14.17 (range basis differs across vendors) | MarketBeat |
52-week range (StockAnalysis, mid-2026) | US$7.04–13.20 | StockAnalysis |
Market cap, 2 Apr 2026 | US$1.30bn (-14.5% over 12 months) | Public.com |
Market cap, 8 Oct 2025 | US$867m | Lightyear |
Capital Markets
| Item | Value | Basis |
|---|---|---|
Market capitalization | ≈US$1.21bn | 116.7m × US$10.34 |
Net debt (30 Jun 2026) | US$185m | 2Q26 release |
Enterprise value | ≈US$1.39bn | — |
LTM revenue (US$, ex-IAS 29) | ≈US$622m | FY2025 606 − 1H25 299 + 1H26 315 |
LTM Adjusted EBITDA (USD) | ≈US$155m | 146 − 74 + 83 |
LTM net profit (US$, ex-IAS 29) | ≈US$51m | 30 − 29 + 50 |
EV / LTM EBITDA | ≈9.0x | — |
EV / LTM sales | ≈2.2x | — |
P / E (LTM, ex-IAS 29) | ≈24x | Aggregators show 19–38x depending on basis and date |
P / B | ≈1.4x | Equity Ps 1,296,186m ÷ 1,483.02 eop rate ≈ US$874m |
FY2022 dividends | Ps 15,450m (US$126m); Ps 26.39 per share (historical pesos) | 4Q22 release |
FY2024 dividends | None paid | FY2024 cash flow |
FY2025 dividends | Ps 3m (immaterial) | FY2025 cash flow |
Dividend policy | No formal payout policy disclosed. Distributions are approved by the shareholders' meeting from reserves (e.g. "Reserve for Future Dividends") | 4Q22 release |
Buyback programmes | Programme V (Oct–Dec 2022): up to Ps 1,000m; Ps 735m executed. Further buybacks of Ps 782m in FY2024 (Dec-2025 currency). None in FY2025 | 4Q22 & 4Q25 releases |
Treasury shares | 12.4m at end-2022 (~2% of capital) | 4Q22 release |
Cash returned to shareholders (Ps M, Dec-2022 currency) | FY2021 | FY2022 |
Dividends paid | 0 | 21,806 |
Share buybacks | 4,650 | 1,797 |
Source Details
| Source | Rating | Mean target | Notes |
|---|---|---|---|
StockAnalysis (5 analysts) | Strong Buy | US$14.30 | Mid-2026 |
MarketBeat | Buy | US$14.40 | Undated |
Google Finance (1 analyst, 3 months to Jun-2026) | Buy | US$14.50 | — |
Citi (Andrés Cardona) | Buy | US$13 (cut from US$15) | — |
Capital Markets — Total debt
| Item | Value |
|---|---|
Total debt | Ps 302,505m |
Short-term debt (≤12 months, incl. current portion) | Ps 46,592m (15%) |
Long-term debt | Ps 255,914m (85%) |
Remaining 2026 maturities | None (after Class 4 cancellation) |
Class 6 ON maturity | US$60m due ~Jan-2029 (36-month bullet from 23 Jan 2026) |
Average maturity | 1.4 years |
Analyst Conclusions
Management guidance
No numerical guidance. Management describes itself as cautiously optimistic about a gradual 2H26 recovery, supported by RIGI projects, road concessions and seasonal strength from September. It is focused on cost discipline and on preserving efficiency gains (2Q26 release and call).
Consensus expectations
The aggregator-reported price targets (US$13.0–14.5) imply roughly 25–40% upside from the August 2026 price. This suggests the sell-side expects FY2026–FY2027 EBITDA to recover toward or above the FY2024 level of about US$198m.
Bull case
-
Operating leverage to a normalising cycle. FY2025 volumes of 5.02Mt sit about 25% below FY2022. Each recovered tonne carries roughly US$29 of segment EBITDA (FY2025 cement EBITDA of Ps 182bn ÷ 5.02Mt ÷ 1,244 Ps/US$, author-computed), with idle kiln capacity available.
-
Balance-sheet and earnings-quality inflection. Net debt fell from US$215m (2Q25) to US$185m (2Q26). Operating cash flow turned positive in 1H26 (Ps 39bn) and the tax-payment overhang has passed. That supports deleveraging and potential resumption of distributions.
-
Recapitalised, locally aligned owner. Latcem, Redwood and Moneda-Patria now control InterCement, whose debt has been pushed to 2031. They bring Mindlin's track record with Pampa Energía and restructuring-savvy directors (Charnas, Dayenoff, Tisné), which could unlock capital-allocation upside.
Bear case
-
Demand recovery keeps slipping. Industry dispatches fell 12.7% in April 2026, and the main kiln was idled for six months with 700kt of clinker in stock. 2Q26 margins fell 97bp YoY despite price increases.
-
Structural margin pressure. Concrete, aggregates and rail are EBITDA-negative. SG&A rose to 12.1% of sales on wages. Energy costs rose after tariff normalisation, and the IAS 29 margin fell from 29.9% in FY2022 to 21.3% in FY2025.
-
Governance and capital-structure overhang. The parent's restructuring plan contemplates a possible sale of the Loma stake. Shared CEO duties across InterCement Brazil and Argentina could dilute focus. US-dollar debt (87%) remains exposed to peso shocks.
Catalysts and monitorables (next 12 months)
| Catalyst | Timing | What to watch |
|---|---|---|
| 3Q26 results | Early Nov-2026 (expected) | Cement EBITDA margin vs 23.9% in 2Q26; volume vs 3Q25 |
| L'Amalí main kiln restart | ~Nov-2026 | Confirmation of restart; clinker stock drawdown |
| Monthly AFCP dispatch data | Monthly | Bagged vs bulk mix; YoY trend into the high season |
| FY2026 results and possible dividend | Mar–Apr 2027 | Distribution policy under new control |
| Capital-allocation signals from the new board | Ongoing | Capex plans, buybacks, any M&A, InterCement-level decisions on the Loma stake |
| Rail concession / sector reform | Ongoing | Ferrosur concession terms |
| Macro: inflation, FX regime, mortgage credit, RIGI approvals | Ongoing | Real wage and credit pass-through to construction |
Concluding analyst verdict
Loma Negra enters its second century as what it has always been: the dominant, low-cost, integrated cement franchise in a structurally volatile economy. The evidence from FY2024–1H26 cuts both ways.
The core cement business has proven extraordinarily resilient. It held an ex-IAS 29 EBITDA margin near 28% in FY2025 even as volumes sat roughly a quarter below their 2022 peak. The balance sheet is conservative at 1.30x net debt/EBITDA, with no 2026 maturities. Positive operating cash flow has resumed, and the 2025 capex hump from the 25-kg bag conversion has rolled off.
Yet the expected 2026 recovery has not arrived on schedule. First-half volumes were flat, 2Q26 margins declined year-on-year, and the unprecedented six-month idling of the flagship L'Amalí kiln signals that management is managing for cash rather than share.
The April 2026 transfer of indirect control to the Mindlin-led consortium is the most important strategic variable. It removes the overhang of a distressed Brazilian parent, introduces creditors-turned-owners with restructuring and capital-markets experience, and recapitalises InterCement through 2031. However, it does not by itself change Argentine construction demand, and the restructuring plan leaves open a future monetisation of the Loma stake.
At roughly 9x LTM EBITDA on trough earnings, the shares price in a meaningful but not complete cyclical recovery. The investment case is therefore a call on Argentine construction normalisation, with a higher-quality balance sheet and governance as downside protection.
The analyst stance is constructive but timing-sensitive. Upside depends on evidence in the 3Q26 and 4Q26 prints of:
-
sustained bulk-cement momentum;
-
a recovery in bagged demand;
-
restoration of 25%+ consolidated EBITDA margins;
-
a clear statement of capital-allocation priorities from the new board.
Absent those, the stock is likely to remain range-bound around current levels, with Argentine macro and policy the dominant driver of returns.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Title | Tenure | Prior roles | Education |
|---|---|---|---|---|
Sergio Damián Faifman | CEO; Vice-Chairman of the Board | CEO since Nov-2016; Board since Aug-2012; joined Nov-1994 | CFO (2012–2015); Logistics & Supply Director (2015–2016); CEO of Yguazú Cementos (2016–2020); Corporate Comptroller, InterCement Brasil (2010–2012). Also CEO of InterCement Brasil (May-2025) and of InterCement Participações (Apr-2026). President of Ferrosur Roca, Cofesur and Recycomb boards. VP of FICEM and of the AFCP/IACP | BA Public Accountancy (UBA, 1997); MBA (UCEMA, 2002) |
Marcos Isabelino Gradin | CFO & Investor Relations | CFO since Mar-2016; joined 1998 | CFO Cimpor Spain & Portugal (2013–2015); Financial Manager (2006–2013) | BA Business Admin. (UCA, 1995); MSc Corporate Finance (UCEMA, 2000) |
Lucas Amchite | Director of Operations | Since Apr-2025; joined Feb-2000 | San Juan plant manager (2015–2019); Industrial Manager, Yguazú (2019–) | Mechanical Engineering (UN Mar del Plata, 1999) |
Gerardo Oscar Diez | Commercial & Concrete Director | Since Jan-2011; joined May-1992 | Board member (2012–2017); Concrete & Aggregates; Supply Chain | Public Accountancy (UBA, 1991); MBA (Universidad Austral, 2000) |
Héctor Fabián Gerez | General Director, Ferrosur Roca | Since Oct-2021; joined 1996 | Supply chain & logistics manager (2005–2021), incl. Lomaser | Electrical Engineering (UN del Sur, Bahía Blanca) |
Lucrecia Loureiro | HR, EHS & Corporate Affairs Director | Since 2022; joined 2011 | Director of Legal & Corporate Affairs (2021) | Law (UBA, 2005) |
Diego M. Jalón | Investor Relations Manager | — | — | — |
Marcos Marcelo Mindlin | Chairman | Apr-2026 | Chairman of Pampa Energía; founder of Grupo Dolphin; ex-Vice-Chairman & CFO of IRSA (1991–2003); ex-VC of Alto Palermo and Cresud; ex-director of Banco Hipotecario. MSc Business Admin. (UCEMA); Economics (UBA) | Latcem (controlling consortium) |
Sergio Damián Faifman | Vice-Chairman; CEO | Board Aug-2012 | See above | Management |
Darío Gustavo Epstein | Director | Apr-2026 | Founder of Sur Investment, Research for Traders and FinGuru; former official of the CNV per IR bio. Public Accountant; MBA (University of Michigan) | Likely independent (not individually confirmed) |
Juan Pablo Trujillo | Director | Apr-2026 | Managing Partner, Xperiment; co-founder of Pampa Capital (agro-industrial PE: Adecoagro, Pla, Mars Seed, Campo Austral); ex-CSFB. MPA (Harvard) | Likely independent |
Diego Dayenoff | Director | Apr-2026 | CIO, Claure Group; ex-partner at Fir Tree; Key Square/Ghisallo; Eton Park; SAC; Lehman. MBA (HBS 2005) | Likely independent |
Fernando Tisné | Director | Apr-2026 | Partner and Head of Fixed Income, Moneda Asset Management; ex-President of ACAFI | Moneda-Patria (shareholder of InterCement) |
Gregorio Charnas | Director | Apr-2026 | Founding partner, CT Bankers; ex-VC & Head of Restructuring LatAm, Lazard; ex-CEO MBA Lazard; director of Unigel | Likely independent / creditor-nominated |
Andrés Mindlin | Alternate Director | Apr-2026 | New Business Director, Creaurbana S.A. | Latcem |
Sean Mulroy | Alternate Director | Apr-2026 | Redwood Capital Management (building products); ex-Apollo Hybrid Value; ex-Evercore | Redwood |
Christopher Theuerkauf | Alternate Director | Apr-2026 | Analyst, Redwood Capital; ex-Apollo; ex-Lazard | Redwood |
“—” = not publicly disclosed.
Major Shareholders
| Holder | Stake | Notes |
|---|---|---|
InterCement Participações S.A. (via InterCement Trading e Inversiones Argentina S.L.) | 52.14% of voting shares | Unchanged through the restructuring; indirect control passed to the Latcem consortium on 6 Apr 2026 (Infobae / CNV filing) |
Public float (NYSE ADS + BYMA) | ~46–48% | Derived |
Competitive Landscape
Key Competitors
| Competitor | Segment(s) | Ownership | Relative positioning |
|---|---|---|---|
Holcim (Argentina) S.A. | Cement, concrete, aggregates | Holcim Group (Switzerland) | #2 national cement producer; strong in central/Córdoba and Cuyo regions |
Cementos Avellaneda S.A. | Cement, concrete | Cementos Molins (Spain) and Votorantim Cimentos (Brazil) JV | Key competitor in Buenos Aires and San Luis regions |
Petroquímica Comodoro Rivadavia (PCR) | Cement | PCR group (Argentina) | Patagonian focus; direct competitor to Loma's Zapala plant |
Cementos del Plata / other regional entrants | Cement (bagged / regional) | Various | Niche regional competitors (existence and scale to verify) |
Imported cement (opportunistic) | Cement | Foreign producers | Constrained by logistics; relevant when the peso is strong |
Independent ready-mix producers (e.g. Hormigonera Lomas, Pecam and others) | Concrete | Private | Fragmented; drive the "highly competitive environment" cited by Loma |
Holcim / Cementos Avellaneda ready-mix arms | Concrete | Groups above | Vertically integrated rivals |
Regional quarry operators (Olavarría/Tandil granite cluster) | Aggregates | Private | Fragmented, price-competitive |
Ferroexpreso Pampeano; Nuevo Central Argentino; Belgrano Cargas y Logística (state, under privatisation) | Railroad | Techint / Aceitera General Deheza / state | Adjacent rail networks; trucking is the main modal competitor |
Long-haul trucking operators | Railroad / logistics | Fragmented | Price benchmark for rail tariffs |
Peer Comparison FY2025
| Metric | Loma Negra (FY2025) | Holcim Argentina |
|---|---|---|
Revenue | US$606m | Not publicly disclosed (group sub-segment) |
Revenue growth (USD) | -3.5% | — |
Adj. EBITDA margin | 21.3% IAS 29 / 24.1% ex-IAS 29 | — |
National cement share | ~45% | Not publicly disclosed (#2) |
“—” = not publicly disclosed.
Recent Developments
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