Loma Negra reported its third‑quarter 2025 results, showing net sales revenue of Ps. 209,272 million (US$154 million) and a net loss of Ps. 8,587 million. Revenue fell 12.1% year‑over‑year, while consolidated adjusted EBITDA dropped 23.7% to Ps. 1,739 million, shrinking the EBITDA margin to 20.8% from 24.1% a year earlier.
The decline in revenue was driven primarily by a 13.2% drop in the cement segment, which accounted for the majority of the company’s top line. Cement volumes fell 5.4% YoY, reflecting lower demand in the construction market amid political uncertainty and macroeconomic instability. In contrast, concrete volumes grew 37.8% and aggregates rose 26.3%, offsetting some of the pressure on overall sales but not enough to reverse the quarterly trend.
Margin compression stemmed from the lower cement mix and rising input costs. The company’s cost base increased due to higher fuel and raw‑material prices, while the shift toward lower‑margin concrete and aggregates reduced overall profitability. The 3.5‑percentage‑point drop in the EBITDA margin indicates that pricing power was insufficient to counterbalance the cost inflation and volume decline.
Earnings per share missed analyst expectations, coming in at $0.043 versus a consensus of $0.045—a 4.2% shortfall. The revenue miss of $93.42 million (40.9% below consensus) and the net loss, combined with modest cost‑control measures, explain the EPS shortfall. Management did not report any significant one‑time charges that could have skewed the results, so the miss reflects underlying operational challenges.
Looking ahead, Loma Negra’s guidance signals confidence in a post‑election recovery. The company plans to resume dividend payments in 2026 and intends to raise prices above inflation, a strategy aimed at restoring profitability. CEO Juan González noted that “political uncertainty and macroeconomic instability affected the quarter’s performance, but recent election results may reduce volatility and positively impact future activity levels.” This outlook, coupled with the company’s focus on operational efficiency and debt refinancing, suggests a strategic pivot toward stabilizing cash flows and rebuilding shareholder value.
The mixed results underscore the company’s exposure to Argentina’s volatile economic environment while highlighting resilience in certain segments. The guidance indicates that management believes the market will recover, and the company’s emphasis on price increases and dividend resumption reflects a proactive approach to navigating the current headwinds.
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