Thank you. Good morning and welcome to Loma Negra's earnings conference call.

By now everyone should have access to our earnings press release and the presentation for today's call, both of which were distributed yesterday after market close. Joining me on the call this morning are Sergio Faifman, our CEO and Vice President of the Board of Directors; Marcos Gradin, our CFO; and Lucrecia Loureiro, our Human Capital, Sustainability and Legal Affairs Director.

Sergio and Marcos will be available for the Q&A session. Before we proceed, I would like to make the following safe harbor statements.

Today's call will contain forward-looking statements, and I refer you to the forward-looking statements section of our earnings release and recent filing with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances.

This conference call will also include discussion on non-GAAP financial measures. The full reconciliation to the corresponding financial measures is included in the earnings press release.

Now I would like to turn the call over to Sergio.

Thank you, Diego. Hello everyone and thank you for joining us this morning.

I would like to start my presentation by discussing the highlights of the quarter. Then Marcos will take you through our market review and financial results.

Following that, I will share some final remark before opening the call to your question. Starting with slide 2, we are pleased to present Loma Negra's fourth and final quarter of the year.

In terms of volume, the fourth quarter largely mirrored the trends seen in prior quarters, with cement dispatch declining 1.2% year over year. Overall, 2025 represents a year of gradual recovery for Argentine economy and, to a lesser extent, for the cement industry.

While volume showed a year-over-year improvement, the rebound progressed more slowly than initially anticipated and lost some momentum in the second half of the year. Against this backdrop, net revenue totaled pesos 225 billion for the quarter, equivalent to USD 152 million, reflecting a 1.7% year-over-year decline versus fourth quarter 2024.

On a sequential basis, however, performance remained broadly stable, significantly narrowing the gap observed early in the year. In this still challenging demand environment, consolidated adjusted EBITDA reached USD 67 million, with a margin of 19.7% for the quarter.

It is important to note that the comparison base was particularly demanding, as margins in the same period last year were exceptionally strong. Sequentially, fourth quarter profitability remained in line with recent quarters.

For full year 2025, adjusted EBITDA amounted to USD 146 million, with a margin of 21.3%, representing a contraction of 454 basis points compared to 2024. Turning to the balance sheets, net debt declined by USD 23 million quarter over quarter to USD 183 million, resulting in a debt to EBITDA ratio of 1.47 times, reinforcing the company's solid financial position.

I will now turn the call over to Lucrecia, who will present our newly released sustainability report and its key highlights. Please Lucrecia, go ahead.

Thank you, Sergio. Good morning everyone.

Please turn to slide 3 for a review of our ESG highlights for the year. We take great satisfaction in releasing the fifth edition of our Sustainability Report, which details our environmental, social and governance management and the actions we carry out to build a company prepared for the challenges of the future, with a focus on ethics, transparency and long-term sustainable value creation.

In 2025 we achieved significant progress across our environmental priorities. Compared to our 2021 baseline, CO2 equivalent emissions were reduced by 22%, reflecting our ongoing decarbonization efforts.

We also advanced our circular economy strategy by valorizing 85% of the waste generated, recovering more than 270,000 tons of waste and byproducts using alternative materials and fuels, including biomass in cement productions. In terms of water stewardship, total water withdrawal decreased by 3.5%, with a notable 21% reduction in water stress area compared to 2024.

Additionally, air quality improvements continue, with PM10 emissions from cement production declining by 9.3% year over year, underscoring our commitment to responsible, low-impact operations. Turning to our social impact and community engagement, 2025 was a year of strong collaboration and meaningful outreach.

We worked alongside 700 partner organizations to implement social programs and projects, while 172 initiatives were supported through the different programs of the Fundación Loma Negra, reaching a total of more than 90,000 beneficiaries. We reached a historic milestone: the launch of a new 25-kilo bag.

This initiative safeguards the health and well-being of industry. Over the course of five years, we invested more than USD 65 million in our plant.

This year marks a significant milestone for our company: Loma Negra celebrates 100 years of contributing to Argentina's sustainable and productive development. We are committed to the principles that have guided our actions for a century in pursuit of our purpose of transforming people's lives through sustainable growth.

Built on 100 years of legacy, we honor our past while continuing to build the future with responsibility and ambition. Our fifth sustainability report reflects that path.

I will now hand off the call to Marcos, who will walk you through our market review and financial results. Please Marcos, go ahead.

Thank you, Lucrecia. Good morning everyone.

Please turn to slide 5. The latest release of the EMAE, Argentina's monthly economic activity indicator, showed a 3.5% year-over-year increase, reversing the downtrend observed in the previous couple of months.

As a result, full-year 2025 economic growth reached 4.4%. However, a deeper look at sector-level performance revealed significant divergencies.

Agriculture, mining, and financial intermediation ranked among the strongest contributors to growth. In contrast, industry and commerce continued to show contractions.

For construction, activity remained broadly flat, showing virtually no change compared to the previous year. Within this macro backdrop, the cement industry posted a broadly flat quarter, reversing the decline recorded in the previous period and closing the year with 5.6% growth.

After a more encouraging start to the year, growth expectations were affected by the electoral process and uncertainty surrounding it, together with financial and FX tensions that weighted on the recovery momentum. Looking at dispatch dynamics, bulk segment outperformed, supported by larger-scale projects, including residential developments, as well as logistic and infrastructure works.

In contrast, bag cement volumes contracted, reflecting weaker retail demand. The individual and small contractor segment remained more subdued in the current environment of monetary tightening and interest rate volatility.

As we move into 2026, we expect the sectors that have lagged behind to gradually catch up, supported by a more flexible monetary stance. Given that these sectors are among the most employment-intensive, their recovery should contribute to greater dynamism in overall economic activity.

It will also be important to closely monitor cement demand in March and April. The start of the year has been relatively weak, not only due to typical summer seasonality but also reflecting still cautious activity levels.

Looking ahead, we expect recently announced investment initiatives, including infrastructure programs, broad corridors, and mining and energy projects, to gradually begin supporting dispatch volumes as we move past the summer period. Turning to slide six for a review of our top line performance by segment.

Fourth-quarter revenues declined 1.7% year-over-year, continuing the sequential improvement trend and meaningfully narrowing the contraction observed early in the year. The performance was mainly explained by the cement segment, while concrete delivered strong growth.

In cement, masonry cement and lime revenues decreased 4.4% year-over-year, mainly reflecting softer pricing conditions compared to the same period last year. Sequentially, prices improved for the second consecutive quarter, extending the real-term recovery and reducing the year-over-year gap.

Volumes declined 1.2% year-over-year. Bulk cement continued to outperform, supported by stronger activity from concrete producers, large-scale projects, and public works.

In contrast, bag cement volumes continued to lag as retail demand remained subdued and economic softening and financial volatility. Since our segment also include masonry cement and lime, products that tend to follow dynamics similar to bag cement, this misaffects weighs on our segment performance when compared to industry statistics, which reflects only gray cement volumes.

Concrete revenues increased 37% year-over-year, driven by a 62% expansion in volumes, partially offset by competitive pricing dynamics. Growth was mainly supported by infrastructure works in Santa Fe and private logistic-related developments.

Aggregates revenues were essentially stable, down 0.9% year-over-year. Volumes increased 8.2%, reflecting stronger road construction and railroad-related activity.

However, pricing and product mix, particularly a higher share of fine aggregates with lower average prices, offset the positive volume contribution. Railroads revenues declined 8.9% in the quarter, although transported volumes increased 2.2%, weaker pricing and the continued disruption of the Bahía Blanca rail line impacted longer haul traffic, particularly grain, gypsum, and frac sand, reducing ton-kilometers and overall revenues.

For full-year 2025 consolidated revenues declined 7.8% to 848 billion pesos from 920 billion in 2024, while cement volumes increased 2.5%. Moving on to slide eight, consolidated gross profit declined by 29.1%, while gross margin contracted by 906 basis points year-over-year to 23.5%.

However, margins showed a sequential recovery compared to the previous quarter. Cost of sales increased by 11.5% year-over-year, primarily driven by higher costs in the cement segment, along with a greater depreciation impact following the completion of the 25-kilogram bagging project.

Additionally, cost performance in fourth quarter 24 represented a challenging comparison base. Regarding the cement segment, cost of sales increased by 12% year-over-year.

Higher maintenance expenses and increased utilization of spare parts and supplies, together with a greater impact from packaging costs related to the implementation of 25-kilo program, put upward pressure on our costs. On the other hand, energy inputs continued to support cost management efforts, particularly thermal energy.

On a sequential basis, unit costs, excluding depreciation, remained almost flat, increasing only 0.8% quarter-over-quarter. The contraction in cement was followed by a decline in aggregates, while the concrete and railroad segments posted improvements.

Finally, SG&A expenses increased by 6.3%, mainly driven by a higher allowance for doubtful accounts and increased IT expenses, partially offset by lower freight and marketing costs. As a percentage of sales, SG&A stood at 12.9%, up 97 basis points from the fourth quarter of 2024.

For fiscal year 2025, gross profit declined by 24.8%, while margin contracted by 493 basis points to 21.8%. Please turn to slide nine.

Consolidated adjusted EBITDA for the quarter stood at $37 million, while in pesos it reached 44 billion, reflecting a 33.4% year-over-year decline. This decrease was primarily driven by lower EBITDA generation in the cement segment, while the remaining segments posted improvements.

Consequently, the consolidated EBITDA margin contracted to 19.7%, representing a 938 basis points decline year-over-year. On a sequential basis, the margin remained broadly stable, decreasing 114 basis points quarter-over-quarter.

Additionally, the higher contribution from other segments, which operate with structurally lower margins, also weighed on the consolidated margin. In the cement segment, adjusted EBITDA margin came in at 22.7% compared to 37.7% in the fourth quarter of 2024, which represented a particularly strong comparison base.

The year-over-year decline was largely explained by higher cost of sales and softer pricing dynamics. While pricing has shown a sequential improvement, it still remains below prior-year levels.

Performance was also impacted by higher SG&A expenses and a lower contribution from other gains and losses during the quarter. In the concrete segment, adjusted EBITDA margin improved by 326 basis points, but remaining negative territory, coming in at negative 2.8% compared to negative 6.1% in the fourth quarter of 2024.

The recovery in sales volumes helped dilute fixed costs; however, softer pricing dynamics in a highly competitive environment continued to weigh on the segment's performance. Turning to aggregates, adjusted EBITDA margin improved by 80 basis points year-over-year to negative 8.1%, from negative 8.9% in the same quarter last year.

Although volumes continued to expand, profitability remained constrained by a competitive pricing environment and unfavorable sales mix, with a higher share of lower-margin products. Finally, in the railway segment, adjusted EBITDA margin improved by 233 basis points year-over-year, reaching 1.9% in the fourth quarter of 2025 compared to negative 0.4% in the prior year period.

Volumes posted a modest increase, mainly driven by higher shipments of granitic aggregates; however, the continued disruption of Bahía Blanca railway line constrained longer-haul traffic, particularly grains, chips, and oil. These challenges were partially offset by ongoing cost control initiatives.

For fiscal year 2025, adjusted EBITDA totaled 146 million dollars or 481 million pesos, down 24% with a margin contraction of 454 basis points to 21.3%. Moving to the bottom line on slide 11, net profit attributable to the owners of the company totaled 6.2 billion pesos compared to 29.5 billion pesos in the fourth quarter of 2024.

The decline was primarily driven by weaker operating performance, along with a lower net financial result reflecting a reduced impact on inflation. This was partially offset by lower income tax expenses.

On the financial side, the company reported a net financial loss of 9.8 billion pesos for the quarter, compared to a net financial gain of 1.1 billion pesos in the same period of 2024. The year-over-year variation was mainly explained by a lower gain from the net monetary position, reflecting a more normalized inflation environment.

Additionally, net financial expenses decreased 2.1% to 14.4 billion pesos, primarily driven by higher financial income as a result of stronger average cash during the period. For full year 2025, net income attributable to owners of the company totaled 23.6 billion pesos compared to 202.3 billion pesos in 2024.

The year-over-year decline was primarily driven by the negative impact of the financial result, particularly the reduced contribution from the net monetary position, along with a weakened operating performance. Moving on to the balance sheet, as you can see on slide 12, we ended the quarter with net debt of 266 billion pesos and a net debt-to-EBITDA ratio of 1.47 times, up from 0.89 times at the end of 2024, and maintaining a comfortable maturity profile.

Cash flow generated from operating activities totaled 58 billion pesos compared to 62.8 billion pesos in the same period of last year. The weaker operating performance was partially offset by a favorable working capital dynamic, inventories increased at a lower pace than in fourth quarter 24, releasing cash, together with lower income tax payments.

This more than offset the additional cash requirements for higher trade receivables and a lower contribution from accounts payable. Regarding investing activities, the company generated 34.9 billion pesos during the quarter, primarily driven by the liquidation of short-term investments that had been funded with the proceeds from the Class 5 bond issuance and were subsequently used to repay the Class 2 bond at maturity.

Capex totaled 17.5 billion pesos, decreasing quarter over quarter following the completion of the 25-kilogram bagging project. In financing activities, the company used 129 billion pesos during the quarter, mainly related to the repayment of borrowings, particularly the December maturity of the Class 2 corporate bonds.

In U.S. dollar terms, net debt stood at 183 million dollars, with an average duration of one year.

As of quarter end, 85% of total debt was denominated in U.S. dollars, with the remaining balance in pesos.

Subsequent to quarter end, in January 2026, the company issued a new Class 6 corporate bond for 60 million U.S. dollars with a 33-month tenor.

The transaction was multiple times oversubscribed, reflecting strong investor demand and allowed the company to secure a 6.5% interest rate. This issuance fully covers the company U.S.

dollar maturities for this year. Now, for our final remarks, I will hand back the call to Sergio.

Thank you.

Thank you, Marcos. Now, to finalize the presentation, I please ask you to turn to slide 14.

Following a solid first half of the year, the recovery lost momentum in the second semester as political uncertainty during the election period, together with financial and FX tension, affect overall activity level. Although the economy is estimated to have expanded by around 4% in 2025, the rebound in the cement industry was more moderate than anticipated, with significant room still to recover from the sharp contraction of 2024.

Within this context of tight monetary condition, margins remained under pressure. Loma Negra's strong focus on cost discipline, operational efficiency, was essential to preserving profitability in a challenging demand environment.

We remain confident that the structural growth driver of the industry are intact. However, the normalization process and the full transmission of macroeconomic improvement to the real economy may take longer than previously expected.

Looking ahead to 2026, we are optimistic the continuing macro-stabilization and a gradual easing of monetary constraint will help restore dynamics to economic activity. That said, with several investment initiatives have been announced, particularly in infrastructure, road corridors, mining, and energy.

These projects have not yet translated into higher volume. We expect their impact to materialize progressively as execution advances throughout the year.

Argentina continues to face significant infrastructure gaps that must be addressed to sustain long-term growth, and Loma Negra is well positioned to play a central role in this next phase of development. This is the end of our prepared remarks.

We are now ready to take questions. Operator, please open the call for questions.

Thank you. Hi, good morning everyone.

My question is on the energy side. I was wondering if you can talk about your approach on energy management this year, particularly in terms of energy mix, fuel contracting, hedging, perhaps shifting into renewables and alternatives, and all these sorts of things, and what energy cash cost trends should we be thinking about for the year ahead, perhaps additional volatility in this particular theme.

Thank you.

Hi, Alejandra. Thank you for your question.

Con respecto a combustibles, te diría que desde hace años venimos con una matriz que es básicamente gas. With respect to thermal energy, in the last few years we are utilizing an energy matrix that is primarily natural gas.

El costo del gas, producto del avance de Vaca Muerta y demás, viene disminuyendo. The cost of natural gas, due to the improvement in production with Vaca Muerta, it's been lowering.

algo como había comentado el año pasado que habíamos firmado contratos por un año con un costo menor, así este año está sucediendo también. As we commented last year that we started signing contracts at lower prices, this year it's happening the same.

En general nuestros contratos van de octubre a abril del año siguiente, durante el periodo de verano de Argentina. Generally, our contracts go from October to April of the next year.

y ya hemos cerrado la mayoría de los contratos para octubre del 26 hasta abril del 27 con precios inferiores a los actuales. We already closed all contracts starting in October of this year and until April of 2027 with prices even lower from the contracts we signed a year ago.

puntualmente por algunos porcentajes menores, pero también hemos conseguido un contrato por dos y tres años. Unfortunately, and lowering a lower percentage, we already signed contracts for two or three years.

En el caso de energía eléctrica también estamos teniendo algunas mejoras. Regarding electricity, we are already having some improvements.

Por un lado estamos aumentando nuestra participación de energías renovables. We are improving the participation of renewable energy sources in our generation.

en seguida, el año pasado teníamos al 57% de energía renovable y estos primeros meses ya estamos arriba del 60%. In line with the specifications, we reached 60% last year and we are above that this year in the first months in 2026.

También para el mercado norte de energía clave que empieza a partir de este año también con precios muy competitivos. Last year we signed another contract of renewable energy for this year with very good price.

Thank you. That was very clear.

Thank you. Good morning everyone.

I have a question about 2026 guidance. If you could comment a bit about volumes and margins, maybe in addition to that give us some color about the first Q specifically.

Thank you. Gracias, Sergio.

Como saben, nosotros ya hemos presentado marzo.

As we typically don't provide guidance of margins, EBITDA and figures. pero sí que venimos a este, nuestra estimación, solemos dar, pero esperemos que este año vamos a tener un año de crecimiento.

From the volumes, in February, los volúmenes son levemente inferiores a los del año pasado. In February, the volumes were below in the year-over-year comparison.

creo que tiene que ver un poco con los cambios más tardíos de las festividades y en el caso puntual de febrero, como que este año tenemos carnaval en febrero, el año pasado cayó en marzo. I believe that it's mainly due to the activities for this year lagged in time, and we did have some festivities during February that also affected the dispatches for February.

Pero cuando uno mira los volúmenes diarios hábiles de febrero, son similares al año pasado. When we see the average daily dispatches, are similar to the one we saw last year.

creemos que todos los proyectos que están anunciados y que están avanzados con varias cotizaciones solicitadas desde ahí se comienzan a impactar en los próximos meses. We believe that many projects that are about to start, and we are participating in many tenders, that should start impacting volumes in the upcoming months.

debería para el año un crecimiento de un dígito, alto. It should be translated into growth of a single digit, but in the high range.

En el caso de parques, como habíamos comentado ya en la última call, veníamos en un proceso de actualización de precio que, como bien se tradujo en el último quarter que presentamos, that process should continue, and we expect this process to continue in the coming months. y debería tener un impacto en la recuperación de los márgenes también para los próximos meses.

This should have an impact in the recovery of margins for the upcoming quarters.

Hi, Marcelo. Good morning.

Thanks for taking my questions. There are just two follow-ups.

The first regarding the sales volumes expected for 2026. When you look into the AFCB data, it is showing a 6% decline for the first two months on a year-year basis.

I'd like to hear from you guys: what could we expect in terms of sales volumes from Argentina in 2026? My second question is related to prices.

You guys posted an increase in price realization in the fourth quarter. I just would like to understand what are the company's expectations regarding prices, especially in dollar terms moving through 2026.

That's pretty much it. Thank you.

Hi, Marcelo. Thank you for the question.

Sí, respecto al volumen, lo que comenté: en el caso de industria, está los primeros meses, los dos primeros meses, 6% abajo del año pasado. Regarding volumes, as I just mentioned, we are seeing the first two months of the year 6% below on the year-on-year comparison.

If you look at historical figures, January of last year was a pretty sound month in terms of volume dispatches, and we are seeing that the activity levels are lagging, are still lagging after the holiday season and the start of the year. It's been a little bit delayed.

En caso de, como comenté, el impacto básicamente tiene que ver con carnaval, que este año cayó en febrero y el año pasado en marzo, lo cual implica menor días útiles de trabajo. Regarding specifically February, we have holidays that last year were in March, so that impacted the figure for February.

Y lo que dije: creo que cuando uno espera el volumen, es que vamos a esperar para marzo, abril y para adelante, debería tener una recuperación respecto del año pasado. What we are expecting for the volumes for the upcoming months, we are expecting to see a recovery from the volumes we saw last year.

Respecto al precio, como saben, no damos números específicos de precio de aumentos. Pero habíamos comentado el año pasado que habíamos empezado un proceso de recuperación de precio, lo cual, como bien lo está en el último quarter.

As we commented last year, by the second half of the year we started a recovery process that you could see in the figures of the fourth quarter. Esta situación que se mantiene en el trimestre diario, the situation will continue in the first months of this year, situación que pensamos se va a mantener hoy, aunque sin ningún escenario de tipo de cambio y demás diferentes, se va a mantener por los próximos meses.

We expect this tendency to continue, if there are no sudden changes in the effects, this tendency should continue in the upcoming quarters.

Thank you so much.

Thanks again for joining us today. We appreciate your continued interest in Loma Negra and look forward to reconnecting with you on our next call.

Have a great day.